S. 5512
Stop Wall Street Looting Act
Sponsor: Elizabeth Warren
Official summary
No official summary yet.
Text of the bill
I Corporate responsibility
II Anti-looting
III Protecting workers when companies go bankrupt
Section 506(c) of title 11, United States Code, is amended—
(1) by inserting (1) before The trustee; and
(2) by adding at the end the following:
(2) If one or more employees of the debtor have not received wages, accrued vacation, severance, or any other compensation owed under a plan, program, policy, or practice of the debtor, or pursuant to the terms of a collective bargaining agreement, for services rendered on or after the date of the commencement of the case, or the debtor has not made a contribution due under an employee welfare benefit plan, as defined in section 3 of the Stop Wall Street Looting Act, on or after the date of the commencement of the case, such unpaid obligations shall be—
(A) deemed—
(i) reasonable, necessary costs and expenses of preserving, or disposing of, property securing an allowed secured claim; and
(ii) benefiting the holder of the allowed secured claim; and
(B) recovered by the trustee for payment to the employees or the employee welfare benefit plan, as defined in section 3 of the Stop Wall Street Looting Act, as applicable, even if the trustee, or a predecessor or successor in interest, has otherwise waived the provisions of this subsection under an agreement with the holder of the allowed secured claim or a successor or predecessor in interest of the holder of the allowed secured claim.
IV Closing tax loopholes
V Investor protection and market transparency
VI Restrictions on securitizing risky corporate debt
VII Miscellaneous