BANKRUPTCY “REFORM” BILL KILLED FOR THIS CONGRESS
November 14, 2002
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The House leadership and the consumer credit industry suffered a stunning defeat today, when the House late this afternoon rejected the “rule” on the Conference Report to the anti-consumer Bankruptcy “Reform” Bill, by a vote of 72-243.
The margin was provided by more than 90 House Republicans and pro-life Democrats opposed to the inclusion of language that they believe could harm pro-life protesters in bankruptcy cases.
The House action today effectively kills the bill for the 107th Congress. Previous versions of the legislation had passed the House with 300 or more votes. The House bill passed in March 2001 by a vote of 306-108. The Senate bill passed in July 2001 by 82-16. The conference report has been stalled since July 2002, because of the abortion dispute.
The consumer credit industry has spent an approximate $70 Million in lobbying and campaign contributions, trying to make it much more difficult and expensive to file personal bankruptcy. The bill will no doubt be re-introduced in January 2003.
