LEXIS-NEXIS® Congressional Universe-Document

LEXIS-NEXIS® Congressional

2000 CIS S 24111

TITLE: Bankruptcy Reform and Financial Services Issues

CIS-NO: 2000-S241-11
SOURCE: Committee on Banking, Housing, and Urban Affairs. Senate
DOC-TYPE: Hearing Retrieve the full text of testimony
DOC-NO: S. Hrg. 106-466
DATE: Mar. 25, 1999
LENGTH: iv+124 p.
CONG-SESS: 106-1
ITEM-NO: 1035-C; 1035-D
SUDOC: Y4.B22/3:S.HRG.106-466
MC-ENTRY-NO: 2000-13180
CIS DOCUMENT ON DEMAND: 1-800-227-2477 (Full Text Reproductions)
INCLUDED IN LEGISLATIVE HISTORY OF: P.L. 106-122

SUMMARY:
Hearing to review various proposals to revise bankruptcy laws, focusing on provisions to revise bankruptcy laws applicable to individual and commercial debtors.

Also considers H.R. 833, the Bankruptcy Reform Act of 1999, to amend the Federal Deposit Insurance Act to revise Bankruptcy Code provisions applicable to individual and commercial debtors, including provisions regarding rules to govern events when one party to a financial derivatives contract becomes insolvent.

Supplementary material (p. 47-124) includes witnesses' written statements and a witness's written replies to Committee questions, submitted statements, and correspondence.

CONTENT-NOTATION: Bankruptcy laws applicable to individual and commercial debtors, reform proposals review

BILLS: 106 H.R. 833

DESCRIPTORS:
    BANKRUPTCY; BUSINESS DEBT; CONSUMERS; PERSONAL AND FAMILY INCOME; PERSONAL DEBT; FINANCIAL REGULATION; COMMODITY CONTRACTS AND EXCHANGES; BANKRUPTCY REFORM ACT; FEDERAL DEPOSIT INSURANCE ACT

00-S241-11 TESTIMONY NO: 1     Mar. 25, 1999 p. 2-9

WITNESSES (and witness notations):
   DURBIN, RICHARD J. (Sen, D-Ill)
   GEKAS, GEORGE W. (Rep, R-Pa)
   BOUCHER, RICK (Rep, D-Va)
   TORRICELLI, ROBERT G. (Sen, D-NJ)

STATEMENTS AND DISCUSSION:
   Differing perspectives on bankruptcy reform proposals.

CONTENT NOTATION:
   Bankruptcy laws applicable to individual and commercial debtors, reform proposals review

00-S241-11 TESTIMONY NO: 2     Mar. 25, 1999 p. 10-25, 51-63

WITNESSES (and witness notations):
   GRAMLICH, EDWARD M. (Member, Federal Reserve Board)
   JONES, DOUGLAS H. (Senior Deputy General Counsel, FDIC)
   MCCLELLAN, MARK (Deputy Assistant Secretary, Microeconomic Analysis, Office of Economic Policy, Department of Treasury)

STATEMENTS AND DISCUSSION:
   Differing views on bankruptcy reform measures contained in H.R. 833, including financial contract provisions; perspectives on consumer bankruptcy issues.

CONTENT NOTATION:
   Bankruptcy laws applicable to individual and commercial debtors, reform proposals review

TESTIMONY DESCRIPTORS:
   FEDERAL DEPOSIT INSURANCE CORP.; FEDERAL RESERVE BOARD; DEPARTMENT OF TREASURY

00-S241-11 TESTIMONY NO: 3     Mar. 25, 1999 p. 25-46, 63-118

WITNESSES (and witness notations):
   MCCORMICK, TERRY (President, Plains Bell Federal Credit Union; representing Credit Union National Association)
   MCDONNELL, BRIAN L. (President and CEO, Navy Federal Credit Union; representing National Association of Federal Credit Unions)
   ANDREWS, WRIGHT H., JR. (attorney, representing National Home Equity Mortgage Association (NHEMA))
   WARREN, DAVID (Managing Director, Morgan Stanley Dean Witter & Co.; representing Bond Market Association)
   PRILL, RONALD A. (Senior Vice President, Guest Credit, Dayton Hudson Corp.; also representing National Retail Federation)
   CLIMO, BETH (Group Director, Financial Industry Affairs, American Bankers Association)
   KLEIN, GARY (Senior Attorney, National Consumer Law Center)

STATEMENTS AND DISCUSSION:
   Views of credit unions on bankruptcy reform proposals, with concerns regarding proposed mandatory disclosure requirements designed to help consumers make informed credit decisions; perspectives on bankruptcy reform issues, including support for financial contract provisions contained in various bankruptcy reform proposals.
   Objections to bankruptcy reform proposals concerning credit cards, including disclosure provisions; need for bankruptcy system reform, citing merits of needs-based approach; consumer perspectives on bankruptcy reform issues.

INSERTION:
   -- NHEMA, "Home Equity Lending" (p. 77-84).

CONTENT NOTATION:
   Bankruptcy laws applicable to individual and commercial debtors, reform proposals review

TESTIMONY DESCRIPTORS:
   CREDIT UNION NATIONAL ASSOCIATION; INFORMATION SERVICES AND SYSTEMS; MORTGAGES; CREDIT UNIONS; CREDIT CARDS

LOAD-DATE: July 6, 2001