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Provides a number of provisions governing liability in response to the BP oil spill, including amending the Bankruptcy Code to prohibit a trustee in bankruptcy from selling or leasing, except in the ordinary course of business, any property of the estate of a debtor that is liable for a claim arising from an incident under the Oil Pollution Act of 1990, to a purchaser (together with any affiliate) in an aggregate dollar amount exceeding a specified amount under the Clayton Act unless: (1) the purchaser (and affiliate) agree as a condition of the sale to pay the amount of allowed unsecured claims arising from the incident not paid by the debtor\; or (2) all classes of unsecured claims approve the sale of such assets.

To amend the Truth in Lending Act to prevent certain unfair practices by credit card issuers, and for other purposes.

To require a report to the Congress from the Presidential Task Force on the Auto Industry regarding closings of vehicle dealerships in connection with the bankruptcies of Chrysler Corporation and General Motors Corporation, and to suspend imposition of withdrawal liability to multiemployer plans in connection with the closing of such dealerships (and to suspend the requirement for payment of existing withdrawal liability in connection with such closings) until 60 days after submission of such report.

A bill to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.