N.I. WannaBe
I just ran across this VERY interesting article on the lobbying that's going on and why it stalled:
Going for Broke: Lobbying and the Bankruptcy Bill http://www.opensecrets.org/alerts/v6/alertv6_54.asp
However, it's dated May 23, 2002. What happened since?
IP: Logged 09-27-2002 04:22 AM
Christine
Administrator
"One of the first bills passed by Congress this session would make it more difficult for consumers to declare personal bankruptcy, especially if they have the ability to repay at least some of their debts.
The bankruptcy reform legislation is being pushed by banks, credit card companies and credit unions, which say that consumers are abusing bankruptcy protection laws. If the bill passes, it would be the first major reform in bankruptcy law in 25 years.
Consumer groups oppose the legislation, saying that it doesn’t place any restrictions on finance companies that excessively market credit cards and offer extended credit to consumers already mired in debt.
They also point out that the bill doesn't offer any relief for individuals who need to file for bankruptcy because of medical bills or unemployment.
The bill has been stuck in conference committee for more than a year, as the House and Senate try to reconcile their different versions. One provision inserted in the conference committee would prevent those people convicted of securities fraud from claiming the "homestead exemption," which helps protect a consumer's home from seizure. Lawmakers reportedly cited the recent corporate scandals and the million-dollar homes of executives, such as Enron's Ken Lay, who is currently under investigation for financial misconduct, as an incentive for the provision.
President Bush has indicated he'll sign the bill.
Last Updated: Friday, July 26, 2002"
Hello All:
Just wanted to know, haven't had a chance to read all the posts from this thread back to current threads, if Bush signed this Bill into Law yet or not?
Anyone know?
Going for Broke: Lobbying and the Bankruptcy Bill http://www.opensecrets.org/alerts/v6/alertv6_54.asp
However, it's dated May 23, 2002. What happened since?
IP: Logged 09-27-2002 04:22 AM
Christine
Administrator
"One of the first bills passed by Congress this session would make it more difficult for consumers to declare personal bankruptcy, especially if they have the ability to repay at least some of their debts.
The bankruptcy reform legislation is being pushed by banks, credit card companies and credit unions, which say that consumers are abusing bankruptcy protection laws. If the bill passes, it would be the first major reform in bankruptcy law in 25 years.
Consumer groups oppose the legislation, saying that it doesn’t place any restrictions on finance companies that excessively market credit cards and offer extended credit to consumers already mired in debt.
They also point out that the bill doesn't offer any relief for individuals who need to file for bankruptcy because of medical bills or unemployment.
The bill has been stuck in conference committee for more than a year, as the House and Senate try to reconcile their different versions. One provision inserted in the conference committee would prevent those people convicted of securities fraud from claiming the "homestead exemption," which helps protect a consumer's home from seizure. Lawmakers reportedly cited the recent corporate scandals and the million-dollar homes of executives, such as Enron's Ken Lay, who is currently under investigation for financial misconduct, as an incentive for the provision.
President Bush has indicated he'll sign the bill.
Last Updated: Friday, July 26, 2002"
Hello All:
Just wanted to know, haven't had a chance to read all the posts from this thread back to current threads, if Bush signed this Bill into Law yet or not?
Anyone know?