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‘‘(ii) a final order by the court denying the 
request for a transfer under section 1185; 
‘‘(iii) 48 hours after the commencement of 
the case if the court has not ordered a transfer 
under section 1185; or 
‘‘(iv) the time the case is dismissed. 
‘‘(4) Subsections (d), (e), (f), and (g) of section 362 
apply to a stay under this subsection. 
‘‘(b) A debt, executory contract (other than a quali-
fied financial contract), or unexpired lease of the debtor, 
or an agreement under which the debtor has issued or is 
obligated for any debt, may be assumed by a bridge com-
pany in a transfer under section 1185 notwithstanding 
any provision in an agreement or in applicable nonbank-
ruptcy law that— 
‘‘(1) prohibits, restricts, or conditions the as-
signment of the debt, contract, lease, or agreement; 
or 
‘‘(2) accelerates, terminates, or modifies, or 
permits a party other than the debtor to terminate 
or modify, the debt, contract, lease, or agreement on 
account of— 
‘‘(A) the assignment of the debt, contract, 
lease, or agreement; or 
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‘‘(B) a change in control of any party to 
the debt, contract, lease, or agreement. 
‘‘(c)(1) A debt, contract, lease, or agreement of the 
kind described in subparagraph (A) or (B) of subsection 
(a)(2) may not be accelerated, terminated, or modified, 
and any right or obligation under such debt, contract, 
lease, or agreement may not be accelerated, terminated, 
or modified, as to the bridge company solely because of 
a provision in the debt, contract, lease, or agreement or 
in applicable nonbankruptcy law— 
‘‘(A) of the kind described in subsection 
(a)(1)(B) as applied to the debtor; 
‘‘(B) that prohibits, restricts, or conditions the 
assignment of the debt, contract, lease, or agree-
ment; or 
‘‘(C) that accelerates, terminates, or modifies, 
or permits a party other than the debtor to termi-
nate or modify, the debt, contract, lease or agree-
ment on account of— 
‘‘(i) the assignment of the debt, contract, 
lease, or agreement; or 
‘‘(ii) a change in control of any party to 
the debt, contract, lease, or agreement. 
‘‘(2) If there is a default by the debtor under a provi-
sion other than the kind described in paragraph (1) in 
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a debt, contract, lease or agreement of the kind described 
in subparagraph (A) or (B) of subsection (a)(2), the 
bridge company may assume such debt, contract, lease, 
or agreement only if the bridge company— 
‘‘(A) shall cure the default; 
‘‘(B) compensates, or provides adequate assur-
ance in connection with a transfer under section 
1185 that the bridge company will promptly com-
pensate, a party other than the debtor to the debt, 
contract, lease, or agreement, for any actual pecu-
niary loss to the party resulting from the default; 
and 
‘‘(C) provides adequate assurance in connection 
with a transfer under section 1185 of future per-
formance under the debt, contract, lease, or agree-
ment, as determined by the court under section 
1185(c)(4). 
‘‘§ 1188. Treatment of qualified financial contracts 
and affiliate contracts 
‘‘(a) Notwithstanding sections 362(b)(6), 362(b)(7), 
362(b)(17), 362(b)(27), 362(o), 555, 556, 559, 560, and 
561, a petition filed under section 1183 operates as a stay, 
during the period specified in section 1187(a)(3)(A), ap-
plicable to all entities, of the exercise of a contractual 
right— 
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‘‘(1) to cause the modification, liquidation, ter-
mination, or acceleration of a qualified financial con-
tract of the debtor or an affiliate; 
‘‘(2) to offset or net out any termination value, 
payment amount, or other transfer obligation arising 
under or in connection with a qualified financial con-
tract of the debtor or an affiliate; or 
‘‘(3) under any security agreement or arrange-
ment or other credit enhancement forming a part of 
or related to a qualified financial contract of the 
debtor or an affiliate. 
‘‘(b)(1) During the period specified in section 
1187(a)(3)(A), the trustee or the affiliate shall perform 
all payment and delivery obligations under such qualified 
financial contract of the debtor or the affiliate, as the case 
may be, that become due after the commencement of the 
case. The stay provided under subsection (a) terminates 
as to a qualified financial contract of the debtor or an 
affiliate immediately upon the failure of the trustee or the 
affiliate, as the case may be, to perform any such obliga-
tion during such period. 
‘‘(2) Any failure by a counterparty to any qualified 
financial contract of the debtor or any affiliate to perform 
any payment or delivery obligation under such qualified 
financial contract, including during the pendency of the 
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stay provided under subsection (a), shall constitute a 
breach of such qualified financial contract by the 
counterparty. 
‘‘(c) Subject to the court’s approval, a qualified finan-
cial contract between an entity and the debtor may be as-
signed to or assumed by the bridge company in a transfer 
under, and in accordance with, section 1185 if and only 
if— 
‘‘(1) all qualified financial contracts between 
the entity and the debtor are assigned to and as-
sumed by the bridge company in the transfer under 
section 1185; 
‘‘(2) all claims of the entity against the debtor 
in respect of any qualified financial contract between 
the entity and the debtor (other than any claim that, 
under the terms of the qualified financial contract, 
is subordinated to the claims of general unsecured 
creditors) are assigned to and assumed by the bridge 
company; 
‘‘(3) all claims of the debtor against the entity 
under any qualified financial contract between the 
entity and the debtor are assigned to and assumed 
by the bridge company; and 
‘‘(4) all property securing or any other credit 
enhancement furnished by the debtor for any quali-
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fied financial contract described in paragraph (1) or 
any claim described in paragraph (2) or (3) under 
any qualified financial contract between the entity 
and the debtor is assigned to and assumed by the 
bridge company. 
‘‘(d) Notwithstanding any provision of a qualified fi-
nancial contract or of applicable nonbankruptcy law, a 
qualified financial contract of the debtor that is assumed 
or assigned in a transfer under section 1185 may not be 
accelerated, terminated, or modified, after the entry of the 
order approving a transfer under section 1185, and any 
right or obligation under the qualified financial contract 
may not be accelerated, terminated, or modified, after the 
entry of the order approving a transfer under section 1185 
solely because of a condition described in section 
1187(c)(1), other than a condition of the kind specified 
in section 1187(b) that occurs after property of the estate 
no longer includes a direct beneficial interest or an indi-
rect beneficial interest through the special trustee, in more 
than 50 percent of the equity securities of the bridge com-
pany. 
‘‘(e) Notwithstanding any provision of any agreement 
or in applicable nonbankruptcy law, an agreement of an 
affiliate (including an executory contract, an unexpired 
lease, qualified financial contract, or an agreement under 
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which the affiliate issued or is obligated for debt) and any 
right or obligation under such agreement may not be ac-
celerated, terminated, or modified, solely because of a con-
dition described in section 1187(c)(1), other than a condi-
tion of the kind specified in section 1187(b) that occurs 
after the bridge company is no longer a direct or indirect 
beneficial holder of more than 50 percent of the equity 
securities of the affiliate, at any time after the commence-
ment of the case if— 
‘‘(1) all direct or indirect interests in the affil-
iate that are property of the estate are transferred 
under section 1185 to the bridge company within the 
period specified in subsection (a); 
‘‘(2) the bridge company assumes— 
‘‘(A) any guarantee or other credit en-
hancement issued by the debtor relating to the 
agreement of the affiliate; and 
‘‘(B) any obligations in respect of rights of 
setoff, netting arrangement, or debt of the debt-
or that directly arises out of or directly relates 
to the guarantee or credit enhancement; and 
‘‘(3) any property of the estate that directly 
serves as collateral for the guarantee or credit en-
hancement is transferred to the bridge company. 
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‘‘§ 1189. Licenses, permits, and registrations 
‘‘(a) Notwithstanding any otherwise applicable non-
bankruptcy law, if a request is made under section 1185 
for a transfer of property of the estate, any Federal, State, 
or local license, permit, or registration that the debtor or 
an affiliate had immediately before the commencement of 
the case and that is proposed to be transferred under sec-
tion 1185 may not be accelerated, terminated, or modified 
at any time after the request solely on account of— 
‘‘(1) the insolvency or financial condition of the 
debtor at any time before the closing of the case; 
‘‘(2) the commencement of a case under this 
title concerning the debtor; 
‘‘(3) the appointment of or taking possession by 
a trustee in a case under this title concerning the 
debtor or by a custodian before the commencement 
of the case; or 
‘‘(4) a transfer under section 1185. 
‘‘(b) Notwithstanding any otherwise applicable non-
bankruptcy law, any Federal, State, or local license, per-
mit, or registration that the debtor had immediately before 
the commencement of the case that is included in a trans-
fer under section 1185 shall be valid and all rights and 
obligations thereunder shall vest in the bridge company. 
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‘‘§ 1190. Exemption from securities laws 
‘‘For purposes of section 1145, a security of the 
bridge company shall be deemed to be a security of a suc-
cessor to the debtor under a plan if the court approves 
the disclosure statement for the plan as providing ade-
quate information (as defined in section 1125(a)) about 
the bridge company and the security. 
‘‘§ 1191. Inapplicability of certain avoiding powers 
‘‘A transfer made or an obligation incurred by the 
debtor to an affiliate prior to or after the commencement 
of the case, including any obligation released by the debtor 
or the estate to or for the benefit of an affiliate, in con-
templation of or in connection with a transfer under sec-
tion 1185 is not avoidable under section 544, 547, 
548(a)(1)(B), or 549, or under any similar nonbankruptcy 
law. 
‘‘§ 1192. Consideration of financial stability 
‘‘The court may consider the effect that any decision 
in connection with this subchapter may have on financial 
stability in the United States.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter 11 of title 11, United States Code, is amended 
by adding at the end the following: 
‘‘SUBCHAPTER V—LIQUIDATION, REORGANIZATION, OR RECAPITALIZATION OF 
A COVERED FINANCIAL CORPORATION 
‘‘1181. Inapplicability of other sections. 
‘‘1182. Definitions for this subchapter. 
‘‘1183. Commencement of a case concerning a covered financial corporation. 
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‘‘1184. Regulators. 
‘‘1185. Special transfer of property of the estate. 
‘‘1186. Special trustee. 
‘‘1187. Temporary and supplemental automatic stay; assumed debt. 
‘‘1188. Treatment of qualified financial contracts and affiliate contracts. 
‘‘1189. Licenses, permits, and registrations. 
‘‘1190. Exemption from securities laws. 
‘‘1191. Inapplicability of certain avoiding powers. 
‘‘1192. Consideration of financial stability.’’. 
SEC. 1104. AMENDMENTS TO TITLE 28, UNITED STATES 
CODE. 
(a) AMENDMENT TO CHAPTER 13.—Chapter 13 of 
title 28, United States Code, is amended by adding at the 
end the following: 
‘‘§ 298. Judge for a case under subchapter V of chap-
ter 11 of title 11 
‘‘(a)(1) Notwithstanding section 295, the Chief Jus-
tice of the United States shall designate not fewer than 
10 bankruptcy judges to be available to hear a case under 
subchapter V of chapter 11 of title 11. Bankruptcy judges 
may request to be considered by the Chief Justice of the 
United States for such designation. 
‘‘(2) Notwithstanding section 155, a case under sub-
chapter V of chapter 11 of title 11 shall be heard under 
section 157 by a bankruptcy judge designated under para-
graph (1), who shall be randomly assigned to hear such 
case by the chief judge of the court of appeals for the cir-
cuit embracing the district in which the case is pending. 
To the greatest extent practicable, the approvals required 
under section 155 should be obtained. 
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‘‘(3) If the bankruptcy judge assigned to hear a case 
under paragraph (2) is not assigned to the district in 
which the case is pending, the bankruptcy judge shall be 
temporarily assigned to the district. 
‘‘(b) A case under subchapter V of chapter 11 of title 
11, and all proceedings in the case, shall take place in 
the district in which the case is pending. 
‘‘(c) In this section, the term ‘covered financial cor-
poration’ has the meaning given that term in section 
101(9A) of title 11.’’. 
(b) AMENDMENT TO SECTION 1334 OF TITLE 28.— 
Section 1334 of title 28, United States Code, is amended 
by adding at the end the following: 
‘‘(f) This section does not grant jurisdiction to the 
district court after a transfer pursuant to an order under 
section 1185 of title 11 of any proceeding related to a spe-
cial trustee appointed, or to a bridge company formed, in 
connection with a case under subchapter V of chapter 11 
of title 11.’’. 
(c) TECHNICAL AND CONFORMING AMENDMENT.— 
The table of sections for chapter 13 of title 28, United 
States Code, is amended by adding at the end the fol-
lowing: 
‘‘298. Judge for a case under subchapter V of chapter 11 of title 11.’’. 
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TITLE XII 
ADDITIONAL GENERAL PROVISIONS 
SPENDING REDUCTION ACCOUNT 
SEC. 1201. The amount by which the applicable allo-
cation of new budget authority made by the Committee 
on Appropriations of the House of Representatives under 
section 302(b) of the Congressional Budget Act of 1974 
exceeds the amount of proposed new budget authority is 
$0. 
SEC. 1202. None of the funds made available by this 
Act may be used to enforce the requirements in section 
316(b)(4)(D) of the Federal Election Campaign Act of 
1971 (52 U.S.C. 30118(b)(4)(D)) that the solicitation of 
contributions from member corporations’ stockholders and 
executive or administrative personnel, and the families of 
such stockholders or personnel, by trade associations must 
be separately and specifically approved by the member cor-
poration involved prior to such solicitation, and that such 
member corporation does not approve any such solicitation 
by more than one such trade association in any calendar 
year. 
SEC. 1203. None of the funds made available by this 
Act may be used to implement, administer, or enforce any 
of the rules proposed pursuant to section 222 of the Com-
munications Act of 1934 (47 U.S.C. 222) and other statu-
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tory provisions in the Notice of Proposed Rulemaking that 
was adopted by the Federal Communications Commission 
on March 31, 2016 (FCC 16–39). 
SEC. 1204. None of the funds made available by this 
Act may be used to implement, administer, or enforce a 
new regulatory action for which the aggregate costs of 
State, local, and tribal government compliance or private 
sector compliance, as estimated under section 202 of the 
Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1532), 
will be $100,000,000 or more. 
SEC. 1205. None of the funds made available by this 
Act may be used with respect to the case Rainey v. Merit 
Systems Protection Board (United States Court of Ap-
peals for the Federal Circuit; No. 2015–3234, decided on 
June 7, 2016). 
SEC. 1206. None of the funds appropriated by this 
Act may be used to enforce section 540 of Public Law 
110–329 (122 Stat. 3688) or section 538 of Public Law 
112–74 (125 Stat. 976; 6 U.S.C. 190 note). 
SEC. 1207. None of the funds made available by this 
Act may be used for the relocation of the Office of Dis-
ability Adjudication and Review of the Social Security Ad-
ministration located at 111 Livingston Street in Brooklyn, 
New York. 
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SEC. 1208. None of the funds made available by this 
Act may be used to lease or purchase new light duty vehi-
cles, for any executive fleet, or for an agency’s fleet inven-
tory, except in accordance with Presidential Memo-
randum-Federal Fleet Performance, dated May 24, 2011. 
SEC. 1209. None of the funds made available by this 
Act may be used to enter into a contract with any offeror 
or any of its principals if the offeror certifies, as required 
by Federal Acquisition Regulation, that the offeror or any 
of its principals— 
(1) within a 3-year period preceding this offer, 
has been convicted of or had a civil judgment ren-
dered against it for— 
(A) commission of fraud or a criminal of-
fense in connection with obtaining, attempting 
to obtain, or performing a public (Federal, 
State, or local) contract or subcontract; 
(B) violation of Federal or State antitrust 
statutes relating to the submission of offers; or 
(C) commission of embezzlement, theft, 
forgery, bribery, falsification or destruction of 
records, making false statements, tax evasion, 
violating Federal criminal tax laws, or receiving 
stolen property; 
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(2) are presently indicted for, or otherwise 
criminally or civilly charged by a governmental enti-
ty with, commission of any of the offenses enumer-
ated above in paragraph (1); or 
(3) within a 3-year period preceding this offer, 
has been notified of any delinquent Federal taxes in 
an amount that exceeds $3,000 for which the liabil-
ity remains unsatisfied. 
SEC. 1210. None of the funds made available by this 
Act may be used to pay a performance award under sec-
tion 5384 of title 5, United States Code, to any career 
appointee within the Senior Executive Service. 
SEC. 1211. None of the funds made available in this 
Act may be used to propose or finalize a regulatory action 
until January 21, 2017. 
SEC. 1212. None of the funds made available by the 
Act may be used in contravention of, or to implement 
changes to, section 560.516 of title 31, Code of Federal 
Regulations, as in effect on June 22, 2016. 
SEC. 1213. None of the funds made available in this 
Act may be used to carry out Operation Choke Point. 
SEC. 1214. None of the funds appropriated by this 
Act may be used to change Selective Service System reg-
istration requirements in contravention of section 3 of the 
Military Selective Service Act (50 U.S.C. 3802). 
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SEC. 1215. None of the funds made available by this 
Act may be used by the Securities and Exchange Commis-
sion to propose, issue, implement, administer, or enforce 
any requirement that a solicitation of a proxy, consent, 
or authorization to vote a security of an issuer in an elec-
tion of members of the board of directors of the issuer 
be made using a single ballot or card that lists both indi-
viduals nominated by (or on behalf of) the issuer and indi-
viduals nominated by (or on behalf of) other proponents 
and permits the person granting the proxy, consent, or 
authorization to select from among individuals in both 
groups. 
SEC. 1216. None of the funds made available by this 
Act may be used to— 
(1) designate any nonbank financial company 
as ‘‘too big to fail’’; 
(2) designate any nonbank financial company 
as a ‘‘systemically important financial institution’’; 
or 
(3) make a determination that material finan-
cial distress at a nonbank financial company, or the 
nature, scope, size, scale, concentration, inter-
connectedness, or mix of the activities of such com-
pany, could pose a threat to the financial stability of 
the United States. 
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SEC. 1217. None of the funds made available by this 
Act may be used in contravention of section 642(a) of the 
Illegal Immigration Reform and Immigrant Responsibility 
Act of 1996 (8 U.S.C. 1373(a)). 
SEC. 1218. None of the funds made available by this 
Act may be used by the Bureau of Consumer Financial 
Protection to implement, administer, or enforce any guid-
ance with respect to indirect auto lending. 
SEC. 1219. None of the funds made available by this 
Act may be used to implement, administer, or enforce a 
rule issued pursuant to section 13(p) of the Securities Ex-
change Act of 1934. 
SEC. 1220. None of the funds made available by this 
Act may be used the Securities and Exchange Commission 
to finalize, implement, administer, or enforce pay ratio dis-
closure rules, including the final rule titled ‘‘Pay Ratio 
Disclosure’’, published Aug. 18, 2015 (80 Fed. Reg. 
50103). 
SEC. 1221. None of the funds made available to the 
Department of Treasury by this Act may be used to issue 
a license pursuant to any Office of Foreign Assets Control 
(OFAC) memo regarding Section 5.1.1 of Annex II to the 
Joint Comprehensive Plan of Action of July 14, 2015 
(JCPOA), including the January 16, 2016, OFAC memo 
titled, ‘‘Statement of Licensing Policy For Activities Re-
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lated to the Export Or Re-Export to Iran of Commercial 
Passenger Aircraft and Related Parts and Services’’ and 
any other OFAC memo of the same substance. 
SEC. 1222. None of the funds made available by this 
Act may be used to authorize a transaction by a United 
States financial institution (as defined under section 
561.309 of title 31, Code of Federal Regulations) that is 
ordinarily incident to the export or re-export of a commer-
cial passenger aircraft to the Islamic Republic of Iran. 
SEC. 1223. None of the funds made available by this 
Act may be used to pay final judgments, awards, com-
promise settlements, or interest and costs specified in the 
judgments to Iran using amounts appropriated under sec-
tion 1304 of title 31, United States Code, or interest from 
amounts appropriated under such section. 
SEC. 1224. None of the funds made available by this 
Act may be used by the Secretary of the Treasury to mod-
ify regulations that prohibit, or impose strict conditions 
on, the opening or maintaining in the United States of 
a correspondent account or a payable-through account by 
a foreign financial institution that the Secretary finds 
knowingly engages in any activity described in subpara-
graphs (A), (B), (C), (D), or (E) of section 104(c)(2) of 
the Comprehensive Iran Sanctions, Accountability, and 
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