CONGRESSIONAL LEADERS CLOSER ON CONFERENCE AGREEMENT

May 4, 2001

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The American Bankruptcy Institute reports that the Congressional leadership is closer to resolving the conference committee bottleneck to passage of the new bankruptcy legislation. Senate Majority Leader Trent Lott (R-Miss) and Senate Minority Leader Tom Daschle (D-S.D.) announced on Wednesday that they have reached a solution in the stalemate to the conference committees’ makeup and have taken the plan to their caucuses for approval. The plan allows both men to serve as “ex-officio” on all conference committees, which would be equally divided between Republicans and Democrats.

After Lott briefed GOP committee chairmen on the proposal, Republican Policy Committee Chairman Larry Craig (R-Idaho) said, “There appeared to be general acceptance,” while Banking Committee Chairman Phil Gramm (R-Texas) said, “I thought we weren’t going in the right direction, but after today, I’m confident we are going in the right direction.”

The inability to decide on the makeup of the conference committee has held up the bankruptcy reform legislation (S. 420/H.R. 333) for almost two months. Congress is scheduled to adjourn for the Memorial Day recess on May 25.