,,ii #aacth ,,congress #ast ,session ,s4 #ahfa ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #ai1 #bjac,mr4 ,cornyn 7for himself and ,mr4 ,toomey7 introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to save taxpayer money and end bailouts of financial institutions by providing for a process to allow financial institutions to go bankrupt4 #a4 ,short title ,this ,act may be cited as the ,taxpayer ,protection and ,responsible ,resolution ,act4 #b4 ,repeal of title ,,ii of ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7a7 ,in general ,title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 is repealed and any ,federal law amended by such title shall1 on and after the date of enactment of this ,act1 be effective as if title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act had not been enacted4 7b7 ,conforming amendments 7#a7 ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended-- 7,a7 in the table of contents1 by striking all items relating to title ,,ii2 7,b7 in section #afe7;d77#f71 by striking 1 a receiver appointed under title ,,ii12 7,c7 in section #gaf7;g71 by striking or a covered financial company under title ,,ii2 7,d7 in section #aaje7;e77#e71 by striking amount of any securities issued under that chapter #ca for such purpose shall be treated in the same manner as securities issued under section #bjh7n77#e77;,e7 and inserting issuances of such securities under that chapter #ca for such purpose shall by treated as public debt transactions of the ,united ,states1 and the proceeds from the sale of any obligations acquired by the ,secretary under this paragraph shall be deposited into the ,treasury of the ,united ,states as miscellaneous receipts2 and 7,e7 in section #aajf7;c77#b77;,a7-- 7i7 in clause 7i71 by inserting 1 other than a covered financial corporation 7as defined in section #aja7i;,a7 of title #aa1 ,united ,states ,code71 after company2 and 7ii7 in clause 7ii71 by inserting 1 other than a covered financial corporation 7as defined in section #aja7i;,a7 of title #aa1 ,united ,states ,code71 after company4 7#b7 ,federal ,deposit ,insurance ,act ,section #aj7;b77#c77;,a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;b77#c77;,a77 is amended by striking 1 or of such nonbank financial company supervised by the ,board of ,governors or bank holding company described in section #afe7;a7 of the ,financial ,stability ,act of #bjaj1 for the purpose of implementing its authority to provide for orderly liquidation of any such company under title ,,ii of that ,act4 7#c7 ,federal ,reserve ,act ,section #ac7c7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cdc7c77 is amended-- 7,a7 in subparagraph 7,b7-- 7i7 in clause 7ii71 by striking 1 resolution under title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 or and inserting or is subject to resolution under2 and 7ii7 in clause 7iii71 by striking 1 resolution under title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 or and inserting or resolution under2 and 7,b7 by striking subparagraph 7,e74 #c4 ,general provisions relating to covered financial corporations 7a7 ,definition ,section #aja of title #aa1 ,united ,states ,code1 is amended by inserting the following after paragraph 7#i73 7#i;,a7 ,the term covered financial corporation means any corporation incorporated or organized under any ,federal or ,state law1 other than a stockbroker1 a commodity broker1 or an entity of the kind specified in paragraph 7#b7 or 7#c7 of section #aji7;b71 that is-- 7,a7 a bank holding company1 as that term is defined in section #b7;a7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda7;a772 or 7,b7 predominantly engaged in activities that the ,board of ,governors of the ,federal ,reserve ,system has determined are financial in nature or incidental to such financial activity for purposes of section #d7k7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc7k774 4 7b7 ,applicability of chapters ,section #ajc of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a7-- 7,a7 by striking section #aafa and inserting sections #aafa and #adja2 and 7,b7 by striking or #ac and inserting #ac1 or #ad2 and 7#b7 by adding at the end the following3 7l7 ,chapter #ad of this title applies only in a case under this title concerning a covered financial corporation4 7m7 ,except as otherwise provided in chapter #ad of this title1 chapter #aa of this title applies in a case under chapter #ad of this title4 4 7c7 ,who may be a debtor ,section #aji of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#b71 by striking or at the end2 7,b7 in paragraph 7#c77;,b71 by striking the period at the end and inserting 2 or2 and 7,c7 by adding at the end the following3 7#d7 a covered financial corporation4 2 and 7#b7 by adding at the end the following3 7i7 ,an entity may be a debtor under chapter #ad of this title only if the entity is a covered financial corporation4 4 #d4 ,liquidation1 reorganization1 or recapitalization of a covered financial corporation 7a7 ,in general ,title #aa1 ,united ,states ,code1 is amended by inserting before chapter #ae the following3 #ad ,liquidation1 reorganization1 or recapitalization of a covered financial corporation ,sec4 #adja4 ,inapplicability of other sections4#adjb4 ,definitions for this chapter4#adjc4 ,commencement of a case concerning a covered financial corporation4#adjd4 ,regulators4#adje4 ,special trustee and bridge company4#adjf4 ,special transfer of property of the estate4#adjg4 ,automatic stay2 assumed debt4#adjh4 ,treatment of qualified financial contracts and affiliate contracts4#adji4 ,licenses1 permits1 and registrations4#adaj4 ,exemption from securities laws4#adaa4 ,inapplicability of certain avoiding powers4 #adja4 ,inapplicability of other sections ,sections #cba7;c7 and #cbb7;b7 do not apply in a case under this chapter4 #adjb4 ,definitions for this chapter ,in this chapter1 the following definitions shall apply3 7#a7 ,the term ,board means the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,the term bridge company means a newly formed corporation the equity securities of which are transferred to a special trustee under section #adje7;a74 7#c7 ,the term capital structure debt means debt1 other than a qualified financial contract1 of the debtor for borrowed money with an original maturity of at least #a year4 7#d7 ,the term contractual right means a contractual right as defined in section #eee1 #eef1 #eei1 or #efj4 7#e7 ,the term qualified financial contract means any contract of a kind specified in paragraph 7#be71 7#ch;,a71 7#dg71 or 7#ec;,b7 of section #aja1 section #gda7g71 or paragraph 7#d71 7#e71 7#aa71 or 7#ac7 of section #gfa4 #adjc4 ,commencement of a case concerning a covered financial corporation 7a7 ,a case under this chapter may be commenced by the filing of a petition with the bankruptcy court-- 7#a7 under section #cja2 or 7#b7 by the ,board1 only if-- 7,a7 the ,board certifies in the petition that it has determined that-- 7i7 the covered financial corporation-- 7,i7 has incurred losses that will deplete all or substantially all of the capital of the covered financial corporation1 and there is no reasonable prospect for the covered financial corporation to avoid such depletion2 7,,ii7 is insolvent2 7,,iii7 is not paying or is unable to pay the debts of the covered financial corporation 7other than debts subject to a bona fide dispute as to liability or amount7 as they become due2 or 7,,iv7 is likely to be in a financial condition specified in subclause 7,i71 7,,ii71 or 7,,iii7 sufficiently soon such that the immediate commencement of a case under this chapter concerning the covered financial corporation is necessary to prevent imminent substantial harm to financial stability in the ,united ,states2 and 7ii7 the commencement of a case under this chapter concerning the covered financial corporation and the effect of a transfer under section #adjf is necessary to prevent imminent substantial harm to financial stability in the ,united ,states2 and 7,b7 the bankruptcy court determines1 after a hearing described in subsection 7b71 that the ,board has shown by a preponderance of the evidence that the requirements under subparagraph 7,a7 have been satisfied4 7b7 7#a7 ,a hearing described in this subsection is a hearing held not later than #ab hours after the ,board makes a certification under subsection 7a77#b77;,a71 with notice only to-- 7,a7 the covered financial corporation2 7,b7 the ,federal ,deposit ,insurance ,corporation2 and 7,c7 the ,secretary of the ,treasury4 7#b7 ,only the ,board and the entities listed in paragraph 7#a7 may attend or participate in a hearing described in this subsection4 ,transcripts of such hearing shall be sealed until the end of the case4 7c7 7#a7 ,the covered financial corporation may file an appeal in the district court of a determination made by the bankruptcy court under subsection 7a77#b77;,b7 not later than #ab hours after the bankruptcy court makes such determination1 with notice only to the entities listed in subsection 7b77#a7 and the ,board4 7#b7 ,the district judge specified under section #bih7;c77#a7 of title #bh for the judicial circuit in which the case is pending shall hear the appeal under paragraph 7#a7 and review within #ab hours the determination of the bankruptcy court under subsection 7a77#b77;,b7 for abuse of discretion4 7d7 7#a7 ,the commencement of a case under subsection 7a77#a7 constitutes an order for relief under this chapter4 7#b7 ,in a case commenced under subsection 7a77#b71 the bankruptcy court shall immediately order relief under this chapter if-- 7,a7 the bankruptcy court makes a determination under subsection 7a77#b77;,b7 that the requirements of subsection 7a77#b77;,a7 have been satisfied2 and 7,b7 7i7 the period for appeal under subsection 7c77#a7 has passed without an appeal having been filed2 or 7ii7 the district court affirms the determination of the bankruptcy court under subsection 7c77#b74 7#c7 ,notwithstanding paragraph 7#b71 the bankruptcy court shall order relief in a case commenced under subsection 7a77#b7 if the debtor consents to the order4 #adjd4 ,regulators 7a7 ,the ,board may raise and may appear and be heard on any issue in any case or proceeding under this title relevant to the regulation of the debtor by the ,board or to financial stability in the ,united ,states4 7b7 ,the ,federal ,deposit ,insurance ,corporation may raise and may appear and be heard on any issue in any case or proceeding under this title in connection with a transfer under section #adjf4 #adje4 ,special trustee and bridge company 7a7 ,on request of the trustee or the ,board1 the court may order the trustee to appoint #a special trustee and transfer to the special trustee all of the equity securities in a corporation to hold in trust for the sole benefit of the estate1 if-- 7#a7 the corporation does not have any property1 executory contracts1 unexpired leases1 or debts1 other than any property acquired or executory contracts1 unexpired leases1 or debts assumed when acting as a transferee of a transfer under section #adjf2 7#b7 the equity securities of the corporation are property of the estate2 and 7#c7 the court approves-- 7,a7 the trust agreement governing the special trustee2 7,b7 the governing documents of the corporation2 and 7,c7 the identity of-- 7i7 the special trustee2 and 7ii7 the directors and senior officers of the corporation4 7b7 ,the trust agreement governing the special trustee shall provide-- 7#a7 for the payment of the costs and expenses of the special trustee from the assets of the trust and not from the property of the estate2 7#b7 that the special trustee provide-- 7,a7 periodic reporting to the estate2 and 7,b7 information about the bridge company as reasonably requested by a party in interest to prepare a disclosure statement for a plan providing for distribution of any securities of the bridge company1 if such information is necessary to prepare such disclosure statement2 7#c7 that the special trustee provide notice to and consult with parties in interest in the case in connection with-- 7,a7 any change in a director or senior officer of the bridge company2 7,b7 any modification to the governing documents of the bridge company2 and 7,c7 any major corporate action of the bridge company1 including-- 7i7 recapitalization2 7ii7 a liquidity borrowing2 7iii7 termination of an intercompany debt or guarantee2 7iv7 a transfer of a substantial portion of the assets of the bridge company2 or 7v7 the issuance or sale of any securities of the bridge company2 7#d7 that the proceeds of the sale of any equity securities of the bridge company by the special trustee be held in trust for the benefit of or transferred to the estate2 and 7#e7 that the property held in trust by the special trustee is subject to distribution in accordance with the plan and subsection 7c74 7c7 ,the special trustee shall distribute the assets held in trust in accordance with the plan on the effective date of the plan1 after which time the office of the special trustee shall terminate1 except as may be necessary to wind up and conclude the business and financial affairs of the trust4 7d7 ,after a transfer under section #adjf1 the special trustee shall be subject only to applicable nonbankruptcy law1 and the actions and conduct of the special trustee shall no longer be subject to approval by the court in the case under this chapter4 #adjf4 ,special transfer of property of the estate 7a7 ,on request of the trustee or the ,board1 and after notice and hearing and not less than #bd hours after the commencement of the case1 the court may order a transfer under this section of property of the estate to a bridge company4 ,except as provided under this section1 the provisions of section #cfc shall apply to a transfer under this section4 7b7 ,unless the court orders otherwise1 notice of a request for an order under subsection 7a7 shall consist of electronic or telephonic notice of not less than #bd hours to-- 7#a7 the debtor2 7#b7 the trustee2 7#c7 the holders of the #bj largest secured claims against the debtor2 7#d7 the holders of the #bj largest unsecured claims against the debtor2 7#e7 the ,board2 7#f7 the ,federal ,deposit ,insurance ,corporation2 7#g7 the ,secretary of the ,treasury2 7#h7 the ,united ,states trustee2 and 7#i7 each primary financial regulatory agency1 as defined in section #b7ab7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja7ab771 with respect to any affiliate that is proposed to be transferred under this section4 7c7 ,the court may not order a transfer under this section unless the court determines1 based upon a preponderance of the evidence1 that-- 7#a7 the transfer under this section is necessary to prevent imminent substantial harm to financial stability in the ,united ,states2 7#b7 the proposed transfer does not provide for the assumption of any capital structure debt by the bridge company2 7#c7 the proposed transfer provides for the transfer of any accounts of depositors of the debtor that are insured by the ,federal ,deposit ,insurance ,company to the bridge company2 and 7#d7 the ,board certifies to the court that the ,board has determined that the bridge company provides adequate assurance of future performance of any executory contract or unexpired leased assumed and assigned to the bridge company1 and of payment of any debt assumed by the bridge company1 in the transfer under this section4 #adjg4 ,automatic stay2 assumed debt 7a7 7#a7 ,a petition filed under section #cja or #adjc operates as a stay1 applicable to all entities1 of the termination or modification of any debt1 contract1 lease1 or agreement described in paragraph 7#b71 or of any right or obligation under any such debt1 contract1 lease or agreement1 solely because of-- 7,a7 a default by the debtor under any such debt1 contract1 lease1 or agreement2 or 7,b7 a provision in such debt1 contract1 lease1 or agreement or in applicable nonbankruptcy law that is conditioned on-- 7i7 the insolvency or financial condition of the debtor at any time before the closing of the case2 7ii7 the commencement of a case under this title concerning the debtor2 7iii7 the appointment of or taking possession by a trustee in a case under this title concerning the debtor or by a custodian before the commencement of the case2 or 7iv7 a credit rating agency rating1 or absence or withdrawal of a credit rating agency rating-- 7,i7 of the debtor at any time after the commencement of the case2 7,,ii7 of an affiliate during the #dh hours after the commencement of the case2 or 7,,iii7 while the special trustee is a direct or indirect beneficial holder of more than #ej percent of the equity securities of the bridge company-- 7aa7 of the bridge company2 or 7bb7 of an affiliate1 if all of the direct or indirect interests in the affiliate that are property of the estate are transferred under section #adjf4 7#b7 ,a debt1 contract1 lease1 or agreement described in this paragraph is-- 7,a7 any debt 7other than capital structure debt71 executory contract 7other than a qualified financial contract71 or unexpired lease of the debtor2 7,b7 any agreement under which the debtor issued or is obligated for debt 7other than capital structure debt72 7,c7 any debt1 executory contract 7other than a qualified financial contract71 or unexpired lease of an affiliate2 or 7,d7 any agreement under which an affiliate issued or is obligated for debt4 7#c7 ,the stay under this subsection terminates-- 7,a7 as to the debtor1 upon the earliest of-- 7i7 #dh hours after the commencement of the case2 7ii7 assumption of the debt1 contract1 or lease under an order authorizing a transfer under section #adjf2 or 7iii7 a determination by the court not to order a transfer under section #adjf2 and 7,b7 as to an affiliate1 upon the earliest of-- 7i7 entry of an order authorizing a transfer under section #adjf in which the direct or indirect interests in the affiliate that are property of the estate are not transferred under section #adjf2 7ii7 a determination by the court not to order a transfer under section #adjf2 or 7iii7 #dh hours after the commencement of the case1 if the court has not ordered a transfer under section #adjf4 7#d7 ,sections #cfb7;d71 #cfb7;e71 #cfb7;f71 and #cfb7;g7 apply to a stay under this subsection4 7b7 ,a debt1 executory contract 7other than a qualified financial contract71 or unexpired lease of the debtor1 or an agreement under which the debtor has issued or is obligated for any debt1 may be assumed by a bridge company in a transfer under section #adjf notwithstanding any provision in an agreement or in applicable nonbankruptcy law that-- 7#a7 prohibits1 restricts1 or conditions the assignment of the debt1 contract1 lease1 or agreement2 or 7#b7 terminates or modifies1 or permits a party other than the debtor to terminate or modify1 the debt1 contract1 lease1 or agreement on account of-- 7,a7 the assignment of the debt1 contract1 lease1 or agreement2 or 7,b7 a change in control of any party to the debt1 contract1 lease1 or agreement4 7c7 7#a7 ,a debt1 contract1 lease1 or agreement of the kind described in subsection 7a77#b77;,a7 or 7a77#b77;,b7 may not be terminated or modified1 and any right or obligation under such debt1 contract1 lease1 or agreement may not be terminated or modified1 as to the bridge company solely because of a provision in the debt1 contract1 lease1 or agreement or in applicable nonbankruptcy law-- 7,a7 of the kind described in subsection 7a77#a77;,b7 as applied to the debtor2 7,b7 that prohibits1 restricts1 or conditions the assignment of the debt1 contract1 lease1 or agreement2 or 7,c7 that terminates or modifies1 or permits a party other than the debtor to terminate or modify1 the debt1 contract1 lease or agreement1 on account of-- 7i7 the assignment of the debt1 contract1 lease1 or agreement2 or 7ii7 a change in control of any party to the debt1 contract1 lease1 or agreement4 7#b7 ,if there has been a default by the debtor of a provision other than the kind described in paragraph 7#a7 in a debt1 contract1 lease or agreement of the kind described in subsection 7a77#b77;,a7 or 7a77#b77;,b71 the bridge company may assume such debt1 contract1 lease1 or agreement only if the bridge company-- 7,a7 cures1 or provides adequate assurance to the court in connection with a transfer under section #adjf that the bridge company will promptly cure1 the default2 7,b7 compensates1 or provides adequate assurance to the court in connection with a transfer under section #adjf that the bridge company will promptly compensate1 a party other than the debtor to the debt1 contract1 lease1 or agreement1 for any actual pecuniary loss to the party resulting from the default2 and 7,c7 provides adequate assurance to the court in connection with a transfer under section #adjf of future performance under the debt1 contract1 lease1 or agreement4 #adjh4 ,treatment of qualified financial contracts and affiliate contracts 7a7 ,notwithstanding sections #cfb7;b77#f71 #cfb7;b77#g71 #cfb7;b77#ag71 #cfb7;b77#bg71 #eee1 #eef1 #eei1 #efj1 and #efa1 a petition filed under section #cja or #adjc operates as a stay1 during the period specified in section #adjg7;a77#c77;,a71 applicable to all entities1 of the exercise of a contractual right-- 7#a7 to cause the liquidation or termination of a qualified financial contract of the debtor or an affiliate2 or 7#b7 to offset or net out any termination value1 payment amount1 or other transfer obligation arising under or in connection with a qualified financial contract of the debtor or an affiliate2 or 7#c7 under any security agreement or arrangement or other credit enhancement forming a part of or related to a qualified financial contract of the debtor or an affiliate4 7b7 7#a7 ,during the period specified in section #adjg7;a77#c77;,a71 the trustee or the affiliate shall perform all payment and delivery obligations under a qualified financial contract of the debtor or the affiliate1 respectively1 that become due after the commencement of the case4 ,the stay provided under subsection 7a7 terminates as to a qualified financial contract of the debtor or an affiliate immediately upon the failure of the trustee or the affiliate1 respectively1 to perform any such obligation during such period4 7#b7 ,a counterparty to any qualified financial contract of the debtor that is assumed and assigned in a transfer under section #adjf may perform any unperformed payment or delivery obligation under the qualified financial contract promptly after the assumption and assignment with the same effect as if the counterparty had timely performed such obligations4 7c7 ,a qualified financial contract between an entity and the debtor may not be assigned to or assumed by the bridge company in a transfer under section #adjf unless-- 7#a7 all qualified financial contracts between the entity and the debtor are assigned to and assumed by the bridge company in the transfer under section #adjf2 7#b7 all claims of the entity against the debtor under any qualified financial contract between the entity and the debtor 7other than any claim that1 under the terms of the qualified financial contract1 is subordinated to the claims of general unsecured creditors7 are assigned to and assumed by the bridge company2 7#c7 all claims of the debtor against the entity under any qualified financial contract between the entity and the debtor are assigned to and assumed by the bridge company2 and 7#d7 all property securing or any other credit enhancement furnished by the debtor for any qualified financial contract described in paragraph 7#a7 or any claim described in paragraph 7#b7 or 7#c7 under any qualified financial contract between the entity and the debtor is assigned to and assumed by the bridge company4 7d7 ,section #cfe7;b77#a7 does not apply to a default under a qualified financial contract of the debtor that is assumed and assigned in a transfer under section #adjf if the default-- 7#a7 is a breach of a provision of the kind specified in section #adjg7;a77#a77;,b77iv72 and 7#b7 in the case of a breach of a provision of the kind specified in section #adjg7;a77#a77;,b77iv77,,iii71 occurs while the bridge company is a direct or indirect beneficial holder of more than #ej percent of the equity securities of the affiliate4 7e7 ,notwithstanding any provision in a qualified financial contract or in applicable nonbankruptcy law1 a qualified financial contract of the debtor that is assumed or assigned in a transfer under section #adjf may not be terminated or modified1 and any right or obligation under the qualified financial contract may not be terminated or modified1 for a breach of a provision of the kind specified in section #adjg7;b7 at any time after the entry of an order under section #adjf until such time as the special trustee is no longer the direct or indirect beneficial holder of more than #ej percent of the equity securities of the bridge company4 7f7 ,notwithstanding any provision in any agreement or in applicable nonbankruptcy law1 an agreement of an affiliate 7including an executory contract1 unexpired lease1 or agreement under which the affiliate issued or is obligated for debt71 and any right or obligation under such agreement1 may not be terminated or modified at any time after the commencement of the case solely because of a condition described in section #adjg7;b7 if-- 7#a7 all direct or indirect interests in the affiliate that are property of the estate are transferred under section #adjf to the bridge company within the period specified in subsection 7a72 7#b7 the bridge company assumes-- 7,a7 any guarantee or other credit enhancement issued by the debtor relating to the agreement of the affiliate2 and 7,b7 any right of setoff1 netting arrangement1 or debt of the debtor that directly arises out of or directly relates to the guarantee or credit enhancement2 and 7#c7 any property of the estate that directly serves as collateral for the guarantee or credit enhancement is transferred to the bridge company4 #adji4 ,licenses1 permits1 and registrations 7a7 ,notwithstanding any otherwise applicable nonbankruptcy law1 if a request is made under section #adjf for a transfer of property of the estate1 any ,federal1 ,state1 or local license1 permit1 or registration that the debtor or an affiliate had immediately before the commencement of the case and that is proposed to be transferred under section #adjf may not be terminated or modified at any time after the request solely on account of-- 7#a7 the insolvency or financial condition of the debtor at any time before the closing of the case2 7#b7 the commencement of a case under this title concerning the debtor2 7#c7 the appointment of or taking possession by a trustee in a case under this title concerning the debtor or by a custodian before the commencement of the case2 or 7#d7 a transfer under section #adjf4 7b7 ,notwithstanding any otherwise applicable nonbankruptcy law1 any ,federal1 ,state1 or local license1 permit1 or registration that the debtor had immediately before the commencement of the case that is included in a transfer under section #adjf shall vest in the bridge company4 #adaj4 ,exemption from securities laws ,for purposes of section #aade1 a security of the bridge company shall be deemed to be a security of a successor to the debtor under a plan if the court approves the disclosure statement for the plan as providing adequate information 7as defined in section #aabe7;a77 about the bridge company and the security4 #adaa4 ,inapplicability of certain avoiding powers ,except with respect to a capital structure debt1 a transfer made or an obligation incurred by the debtor1 including any obligation released by the debtor or the estate1 to or for the benefit of an affiliate in a transfer under section #adjf1 is not avoidable under section #edd1 #edg1 #edh7;a77#a77;,b71 or #edi1 or under any similar nonbankruptcy law4 4 7b7 ,technical and conforming amendment ,the table of chapters for title #aa1 ,united ,states ,code1 is amended by inserting after the item relating to chapter #ac the following3 #ad4,liquidation1 reorganization1 or recapitalization of a covered financial corporation#adja 4 #e4 ,amendments to title #bh1 ,united ,states ,code 7a7 ,amendment to chapter #ac ,chapter #ac of title #bh1 ,united ,states ,code1 is amended by adding at the end the following3 #bih4 ,judge for a case under chapter #ad of title #aa 7a7 ,notwithstanding section #bie1 the ,chief ,justice of the ,united ,states shall designate not less than #a district judge from each circuit to be available to hear an appeal under section #aeh7;a7 in a case under title #aa concerning a covered financial corporation or under section #adjc7;c7 of title #aa4 7b7 7#a7 ,notwithstanding section #bie1 the ,chief ,justice of the ,united ,states shall designate a panel of not less than #aj bankruptcy judges1 who are experts in cases under title #aa in which a financial institution is a debtor1 to be available to hear a case under chapter #ad of title #aa4 7#b7 ,notwithstanding section #bie1 a case under chapter #ad of title #aa shall be heard under section #aeg by a bankruptcy judge designated under paragraph 7#a71 who shall be assigned to hear such case by the chief judge of the court of appeals for the circuit embracing the district in which the case is pending4 7#c7 ,if the bankruptcy judge designated and assigned to hear a case under paragraphs 7#a7 and 7#b7 is not assigned to the district in which the case is pending1 the bankruptcy judge shall be temporarily assigned to the district4 7c7 7#a7 ,notwithstanding section #bie1 an appeal under section #aeh7;a7 in a case under title #aa concerning a covered financial corporation or under section #adjc7;c7 of title #aa shall be heard by a district judge who-- 7,a7 is the district judge designated under subsection 7a7 from the circuit in which the case is pending2 7,b7 if more than #a district judge has been designated under subsection 7a7 from the circuit in which the case is pending1 is #a such district judge who is designated by the chief judge of that circuit to hear the case2 or 7,c7 if none of the district judges designated under subsection 7a7 for the circuit in which the case is pending are immediately available1 is designated under subsection 7a7 from another circuit and has been designated by the ,chief ,justice of the ,united ,states to hear the case4 7#b7 ,if the district judge specified in paragraph 7#a7 is not assigned to the district in which the case is pending1 the district judge shall be temporarily assigned to the district4 7d7 ,a case under chapter #ad of title #aa1 and all proceedings in the case1 shall take place in the district in which the case is pending4 7e7 ,in this section1 the terms covered financial corporation and financial institution have the meaning given such terms in section #aja of title #aa4 4 7b7 ,amendment to section #accd ,section #accd of title #bh1 ,united ,states ,code1 is amended by adding at the end the following3 7f7 ,this section does not grant jurisdiction to the district courts after a transfer pursuant to an order under section #adjf of title #aa-- 7#a7 of any proceeding related to a special trustee appointed1 or to a bridge company formed1 under section #adje of title #aa2 or 7#b7 over the property held in trust by the special trustee1 the bridge company1 or the property of the bridge company4 4 7c7 ,technical and conforming amendment ,the table of sections for chapter #ac of title #bh1 ,united ,states ,code1 is amended by adding at the end the following3 #bih4 ,judge for a case under chapter #ad of title #aa4 4 #f4 ,limitation on advances from a ,federal ,reserve bank ,section #aj;,b7b7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cdg;b7b77 is amended-- 7#a7 by redesignating paragraph 7#e7 as paragraph 7#f72 7#b7 by inserting after paragraph 7#d7 the following3 7#e7 ,limitation on advances to covered financial corporations and bridge companies ,notwithstanding paragraph 7#b71 a ,federal ,reserve bank may not make advances to any covered financial corporation that is a debtor in a pending case under chapter #ad of title #aa1 ,united ,states ,code1 or to a bridge company1 for the purpose of providing debtor-in-possession financing pursuant to section #cfd of such title4 2 and 7#c7 in paragraph 7#f71 as redesignated-- 7,a7 by redesignating subparagraphs 7,b7 through 7,e7 as subparagraphs 7,d7 through 7,g71 respectively2 and 7,b7 by inserting after subparagraph 7,a7 the following3 7,b7 ,bridge company ,the term bridge company has the same meaning as in section #adjb7b7 of title #aa1 ,united ,states ,code4 7,c7 ,covered financial corporation ,the term covered financial corporation has the same meaning as in section #aja7i;,a7 of title #aa1 ,united ,states ,code4 4