Durbin, Hawley Introduce Bipartisan Bill To Protect Employees When Businesses File For Bankruptcy
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, and U.S. Senator Josh Hawley (R-MO), a member of the Senate Judiciary Committee, today introduced the Protecting Employees and Retirees in Business Bankruptcies Act. The bipartisan legislation would correct abuses of the bankruptcy process that deprive employees and retirees of their hard-earned wages, benefits, and retirement savings. As businesses’ bankruptcy filings have increased, jobs, pensions, and long-promised benefits are at risk. Yet, laws have not adapted to give employees and retirees a fair shake in the bankruptcy process. The Protecting Employees and Retirees in Business Bankruptcies Act would modify Chapter 11 bankruptcy procedures by expanding available claims for employees and retirees and granting them improved priority, while placing restrictions on excessive compensation for executives. “Employees should not have to panic that they will lose