Benefits & Executive Compensation News

Democrats Offer Bill to Protect Workers When Firms Go Bankrupt

June 25, 2020, 9:57 PM

House Judiciary Cmte Chairman Jerry Nadler and Democratic Senator Dick Durbin introduce legislation that would make changes to the Chapter 11 bankruptcy process to curb practices that deprive workers of earnings and retirement savings.

  • “As we grapple with the economic consequences of the COVID-19 pandemic, this bill can help protect American workers from getting the short end of the stick if their company has to file for bankruptcy,” Durbin says in statement
  • Bill would restrict executive compensation programs, clarify that “the principal purpose of Chapter 11 bankruptcy is the preservation of jobs to maximum extent possible” and establish new rules...

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