Political Quotes

“Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2947) to amend title 11 of the United States Code in order to facilitate the resolution of an insolvent financial institution in bankruptcy, as amended. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 2947 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Financial Institution Bankruptcy Act of 2016''. SEC. 2. GENERAL PROVISIONS RELATING TO COVERED FINANCIAL CORPORATIONS. (a) Definition.--Section 101 of title 11, United States Code, is amended by inserting the following after paragraph (9): ``(9A) The term `covered financial corporation' means any corporation incorporated or organized under any Federal or State law, other than a stockbroker, a commodity broker, or an entity of the kind specified in paragraph (2) or (3) of section 109(b), that is-- ``(A) a bank holding company, as defined in section 2(a) of the Bank Holding Company Act of 1956; or ``(B) a corporation that exists for the primary purpose of owning, controlling and financing its subsidiaries, that has total consolidated assets of $50,000,000,000 or greater, and for which, in its most recently completed fiscal year-- ``(i) annual gross revenues derived by the corporation and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of…”