Sec. 4. Role of regulators in financial company bankruptcy cases
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The Bankruptcy Code is amended— in section 101, by inserting after paragraph
(21B)the following: The term financial company has the meaning given the term in section 201(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5381(a) ). ; in section 307— by striking The United States and inserting the following: The United States ; and by adding at the end the following: The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, any primary financial regulatory agency of the debtor or an affiliate, and the Chairperson of the Financial Stability Oversight Council may raise and may appear and be heard on any issue in any case or proceeding under this title in which the debtor is a financial company. In this section, the term primary financial regulatory agency has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 ). ; in section 322(b)(1), by inserting , or any trustee appointed under section 1104(f), after The United States trustee ; and in section 1104— in subsection (b)(1), in the first sentence, by inserting subsection
(f)and after as provided in ; and by adding at the end the following: If the debtor is a financial company— the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, as soon as practicable after the order for relief, shall submit a list of 5 disinterested persons that are qualified and willing to serve as trustees in the case; and the United States trustee shall appoint 1 of the persons from the list submitted under subparagraph
(A)to serve as trustee in the case. The residence and office requirements set forth in section 321(a) shall not apply to a trustee appointed under this subsection. .
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