HOUSE PASSES ANTI-CONSUMER BANKRUPTCY “REFORM” MEASURE
March 19, 2003
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The U.S. House of Representatives late today passed, for the seventh time in recent years, an omnibus bankruptcy reform measure. The bipartisan vote was 315-113, with 90 Democrats supporting the bill. The bill (H.R. 975), which is virtually identical to last year’s conference report, now heads to the Senate, where it again faces an uncertain future.
Editor’s note: Readers, I have lobbied against this very bad bill on Capitol Hill, in one of its prior incarnations. Most Congressmen don’t have a clue as to what they are voting for. They are advised by their staffers, who are often (believe it or not) 20-somethings (no offense) who start out by saying, “Let’s see..consumer bankruptcy..there’s Chapter 7 and Chapter 13..right?”
Or, when you get to speak with a senior staffer: “The bankers were already here (or talked to the Congressperson in the home district) and our minds are made up.” No matter, that thousands of any Congressperson’s constituents will be harmed by this new bill.
Frankly, it’s about money. People in Congress need a lot of money, to run for Congress again. And that is what banks and other consumer creditors have, that you don’t. You don’t have a lobbying group, outside of the National Association of Consumer Bankruptcy Attorneys. For more information about them, and what you can do to help fight the “banker’s bankruptcy law,” please go to their web site at www.nacba.org, or send me an email at tom@jthomasblack.com. Thank you. Tom Black.
