Sec. 2. General provisions relating to covered financial corporations
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Section 101 of title 11, United States Code, is amended by inserting the following after paragraph (9): 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 bank holding company, as defined in section 2(a) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841(a) ); or a corporation that exists for the primary purpose of owning, controlling, and financing subsidiaries that are 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 4(k) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(k) ). . Section 103 of title 11, United States Code, is amended— in subsection (a)— by striking section 1161 and inserting sections 1161 and 1401 ; and by striking or 13 and inserting 13, or 14 ; in subsection (g), by inserting subsection
(m)and before section ; and by adding at the end the following: Chapter 14 of this title applies only in a case under such chapter. Except as otherwise provided in chapter 14 of this title, chapter 11 of this title applies in a case under chapter 14 of this title. . Section 109 of title 11, United States Code, is amended— in subsection (d)— by striking and ; by striking or a and inserting or ; and by inserting , or a covered financial corporation after Federal Deposit Insurance Corporation Improvement Act of 1991 ; and by adding at the end the following: Only a covered financial corporation may be a debtor in a case under chapter 14. . Section 726(a)(1) of title 11, United States Code, is amended by inserting in payment of any unpaid fees, costs, and expenses of a special trustee appointed under section 1406, and then after first, . Section 1129(a) of title 11, United States Code, is amended by adding at the end the following: In a case under chapter 14, all payable fees, costs, and expenses of the special trustee have been paid or the plan provides for the payment of all such fees, costs, and expenses, as of the effective date of the plan. In a case under chapter 14, confirmation of the plan is not likely to cause serious adverse effects on financial stability in the United States. . Section 322(b)(2) of title 11, United States Code, is amended by striking The and inserting In cases under chapter 14, the United States trustee shall recommend to the court, and in all other cases, the .
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