Bipartisan Bill Aims to Revise Corporate Bankruptcy Laws

Workers Prioritized in New Bankruptcy Legislation

(WASHINGTON) – The Teamsters Union praises Sen. Dick Durbin (D-Ill.) and Sen. Josh Hawley (R-Mo.) for introducing the Protecting Employees and Retirees in Business Bankruptcies Act. This bill aims to fix corporate bankruptcy abuses that strip employees of wages, benefits, and retirement savings.

“Current corporate bankruptcy law is a farce,” declared Teamsters President Sean M. O’Brien. “It favors corporations over workers. CEOs walk away with huge payouts, while workers suffer. The Teamsters Union backs this act and will push for its passage to ensure fair treatment for workers and retirees in bankruptcy cases.”

For years, the Teamsters Union has pushed for corporate bankruptcy reform. They urged Congress and the White House to enact worker-focused legislation last year, but it was not addressed.

Founded in 1903, the International Brotherhood of Teamsters represents 1.3 million members in the U.S., Canada, and Puerto Rico. Visit Teamster.org for more info. Follow on Twitter @Teamsters and Facebook at Facebook.com/teamsters.