Senate Debating Bankruptcy Reform Amendments

March 10, 2001

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The American Bankruptcy Institute reports that on March 8 the Senate considered only two more of the nearly 100 amendments that have been filed on the anti-consumer bankruptcy bill (S. 420). The Senate defeated two Democrat-sponsored amendments before ending roll call votes. By a vote of 50-49-1, the Senate narrowly defeated an amendment by Sen. Richard Durbin (D-Ill.) aimed at denying the claims in bankruptcy of those creditors who violated the Truth in Lending Act.

Senate Majority Leader Trent Lott (R-Miss.) expressed disappointment with the Senate’s slow pace. He urged members to either reduce the number of amendments, or reach time agreements that would permit faster action.

Senate Minority Leader Tom Daschle (D-S.D.) urged colleagues on his side of the aisle to cooperate, or face a cloture motion to cut off debate and non-germane amendments.

Amendments requiring votes will be voted on during Tuesday’s session. The leadership needs to complete action next week, to clear the way for the start of debate on campaign finance reform, due to start on March 19.

A full list of the amendments considered to date is located on the homepage of ABI World http://www.abiworld.org).

It is anticipated that the Senate will pass the bill next week, and the President will sign it. The law currently has a 180 day effective date after the President signs it, although that is subject to change.