ANTI-CONSUMER BANKRUPTCY BILL COMING BACK TO LIFE

March 1, 2002

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Senate Majority Leader Tom Daschle (D-S.D.) told attendees Wednesday at the Credit Union National Association (CUNA) Governmental Affairs Conference that he hopes to see a “strong bankruptcy bill out of conference committee and on the President’s desk within four weeks, so the bill can be signed before we go home for the Easter recess,” CUNA News Now reported.

At the same meeting, House Judiciary Committee Chairman James Sensenbrenner (R-Wis.) announced that he had sent a compromise package to the Senate that could break the year-long stalemate on bankruptcy reform. The chairman reported that the compromise is intended to finalize long-debated provisions on homestead exemption and clinic violence, as well as deleting provisions that have nothing to do with bankruptcy. Sensenbrenner challenged the Senate to move quickly to pass the compromise package so that it can be on President Bush’s desk by Congress’s Easter recess at the end of March. “We’ve argued and debated the fine points of bankruptcy long enough,” Sensenbrenner said. “This is an issue that is good for the economy… the time has stopped for people who want to game the system. The time has come for Congress to get on with the business of passing bankruptcy reform.”