To amend title 11, United States Code, to prohibit nonconsensual release of a nondebtor entity’s liability to an entity other than the debtor, and for other purposes.
To amend title 28, United States Code, to provide for transparency and oversight of third-party beneficiaries in civil actions.
The Student Borrower Bankruptcy Relief Act of 2024 proposes to:
· Repeal Section 523(a)(8) of the Bankruptcy Code, which currently prevents the discharge of federal and private student loans absent a showing of “undue hardship.”
· Eliminate the need for borrowers to prove “undue hardship” thorough costly proceedings in court, reducing the legal and financial burdens on borrowers already at their most perilous financial state.
· Maintain existing bankruptcy means-testing, ensuring that only those who are already eligible for bankruptcy can access this relief.
To amend title 11, United States Code, to make the filing of a petition for relief under chapter 11 that is objectively futile or in subjective bad faith a cause for dismissal of the case, and for other purposes.
The House Financial Services Committee held a hearing titled "The Federal Regulators' Response to Recent Bank Failures."
Witness List
The Honorable Martin J. Gruenberg, Chairman, Board of Directors of the Federal Deposit Insurance Corporation (FDIC)
The Honorable Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve
The Honorable Nellie Liang, Under Secretary for Domestic Finance, U.S. Department of Treasury
The U.S. House Financial Services Committee's Subcommittee on Oversight and Investigations held a hearing to examine the Government and Accountability Office’s Report, “Bank Regulation: Preliminary Review of Agency Actions Related to March 2023.” The Subcommittee reviewed actions taken by the Federal Reserve System and the Federal Deposit Insurance Corporation as regulators of Silicon Valley Bank and Signature Bank leading up to the banks’ failures.
Witness List:
Mr. Michael Clements, Director, Financial Markets and Community Investment, Government Accountability Office
To prohibit the Secretary of Education, the Secretary of the Treasury, and the Attorney General from cancelling student loans, or changing any other terms or conditions on such loans, except as expressly authorized by an Act of Congress enacted after the date of enactment of this Act.
To provide for the discharge of a private education loan in the case of death or total and permanent disability of a student obligor, and for other purposes.
To amend the Securities Exchange Act of 1934 to prohibit mandatory pre-dispute arbitration agreements, and for other purposes.