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Jenner & Block Partner Richard Levin, in his capacity as chairman of the National Bankruptcy Conference, testified on July 9, 2015, before a US House of Representatives Judiciary subcommittee. At issue before the Subcommittee on Regulatory Reform, Commercial and Antitrust Law is the Financial Institution Bankruptcy Act of 2015, newly reintroduced legislation that would create a section of the bankruptcy code to safely shut down failed big banks, or systemically important financial institutions (SIFIs). The Conference is a nonprofit and nonpartisan self-supporting organization of approximately 60 lawyers, law professors and judges who are leading scholars and practitioners in the field of bankruptcy law; its primary purpose is to advise Congress on the operation of bankruptcy and related laws and any proposed changes to those laws. Mr. Levin included in his testimony a letter written on behalf of the Conference in which the Conference observed that the new legislation does offer tools to address some problems involved when a SIFI fails. However, the letter went on to say that “other obstacles and issues were not addressed at all or were not addressed adequately” in the proposed Act. It then outlined the Conference’s concerns with the legislation. News of the subcommittee hearing was covered by The Wall Street Journal.
Mr. Levin is a member of the firm’s Bankruptcy, Workout and Corporate Reorganization Practice. An author of the 1978 Bankruptcy Code, he is an internationally recognized leader in complex bankruptcy litigation, transactional and special situations. With nearly 40 years in the practice, Mr. Levin has gained a reputation as one of the foremost restructuring, bankruptcy and creditor-debtor rights lawyers.