contract or the appointment of or the exer-
cise of rights or powers by a conservator or 
receiver of such depository institution, and 
not as a result of a party’s exercise of any 
right to offset, setoff, or net obligations 
that exist under the contract, any other 
contract between those parties, or applica-
ble law.’’. 
(b) 
INSURED
CREDIT
UNIONS.—Section 
207(c)(8)(G) of the Federal Credit Union Act 12 U.S.C. 
1787(c)(8)(G)) is amended by striking clause (ii) and in-
serting the following new clauses: 
‘‘(ii) LIMITED SUSPENSION OF CER-
TAIN
OBLIGATIONS.—In the case of a 
qualified financial contract referred to in 
clause (i), any payment or delivery obliga-
tions otherwise due from a party pursuant 
to the qualified financial contract shall be 
suspended from the time the liquidating 
agent is appointed until the earlier of— 
‘‘(I) the time such party receives 
notice that such contract has been 
transferred pursuant to subparagraph 
(A); or 
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‘‘(II) 5:00 p.m. (eastern time) on 
the business day following the date of 
the appointment of the liquidating 
agent. 
‘‘(iii) 
WALKAWAY
CLAUSE
DE-
FINED.—For purposes of this subpara-
graph, the term ‘walkaway clause’ means 
any provision in a qualified financial con-
tract that suspends, conditions, or extin-
guishes a payment obligation of a party, in 
whole or in part, or does not create a pay-
ment obligation of a party that would oth-
erwise exist, solely because of such party’s 
status as a nondefaulting party in connec-
tion with the insolvency of an insured cred-
it union or the appointment of or the exer-
cise of rights or powers by a conservator or 
liquidating agent of such credit union, and 
not as a result of a party’s exercise of any 
right to offset, setoff, or net obligations 
that exist under the contract, any other 
contract between those parties, or applica-
ble law.’’. 
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SEC. 7. COMPENSATION OF CHAPTER 7 TRUSTEES; CHAP-
TER 7 FILING FEES. 
(a) AMENDMENTS TO TITLE 11 OF THE UNITED 
STATES CODE.— 
(1) COMPENSATION
OF
CHAPTER
TRUST-
EES.—Section 330(b)(1) of title 11, United States 
Code, is amended by striking ‘‘$45’’ and inserting 
‘‘$100’’. 
(2) RELATED
AMENDMENTS.—Section 330(b) 
of title 11, United States Code, is amended— 
(A) by striking ‘‘(1)’’, and 
(B) by striking paragraph (2). 
(b) AMENDMENTS TO TITLE 28 OF THE UNITED 
STATES CODE.— 
(1) 
CHAPTER
FILING
FEE.—Section 
1930(a)(1)(A) of title 28 of the United States Code, 
as amended by section 10101 of Public Law 109– 
171, is amended by striking ‘‘$245’’ and inserting 
‘‘$300’’, and 
(2) UNITED STATES TRUSTEE FUND.—Section 
589a(b)(1)(A) of title 28, United States Code, is 
amended by striking ‘‘40.46’’ and inserting ‘‘29.67’’. 
(c) RELATED AMENDMENT REGARDING COLLEC-
TIONS AND DEPOSITS OF MISCELLANEOUS BANKRUPTCY 
FEES.—Section 406(b) of the Judiciary Appropriations 
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Act, 1990 (28 U.S.C. 1931 note) is amended by striking 
‘‘28.87’’ and inserting ‘‘21.17’’. 
(d) CONFORMING AMENDMENT.—Section 10101(a) 
of Public Law 109–171 is amended by striking paragraph 
(2). 
(e) EFFECTIVE DATE; APPLICATION
OF AMEND-
MENTS.—The amendments made by this section shall take 
effect 60 days after the date of the enactment of this Act 
and shall not apply with respect to cases commenced 
under title 11 of the United States Code before the date 
such amendments take effect. 
SEC. 8. SCOPE OF APPLICATION. 
Subject to section 7(e), the amendments made by this 
Act shall not apply to any cases commenced under title 
11, United States Code, or appointments made under any 
Federal or State law, before the date of the enactment 
of this Act. 
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Union Calendar No. 403 
109TH CONGRESS 
2D SESSION 
H. R. 5585 
[Report No. 109–648, Part I] 
A BILL 
To improve the netting process for financial 
contracts, and for other purposes. 
SEPTEMBER 22, 2006 
The Committee on the Judiciary discharged; committed 
to the Committee of the Whole House on the State of 
the Union and ordered to be printed 
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