May 5, 1999

BANKRUPTCY REFORM BILL PASSES HOUSE BY OVERWHELMING BIPARTISAN MARGIN

Vote on Final Passage is 313 to 108

WASHINGTON, D.C.--The Bankruptcy Reform Act of 1999  HR 833 passed the U.S. House of Representatives today by a vote of 313-108. Representative George W. Gekas (R-PA), chief sponsor of the bill, applauded the broad bipartisan support of the legislation.

"Today’s vote is an affirmation of the strong support that bankruptcy reform has commanded on both sides of the aisle," said Gekas. "We have worked to achieve a fair and balanced bill, and the resounding approval of this legislation by an even greater margin than previous bankruptcy reform efforts shows that we have accomplished that goal."

"Bankruptcy reform is an issue of personal responsibility, as I’m sure all of those who voted for this bill appreciate," said Gekas. "Those who have the ability to repay even a portion of their debts should be required to do so."

"This legislation preserves bankruptcy as a last resort for those who truly in need, but the bankruptcy system must not be used as a financial planning tool for those who can afford to pay their debts," said Gekas. "Under the Bankruptcy Reform Act, people with real need will be protected–and so will American families that have shouldered the burden of the affluent who have walked away from their debts."

HR 833 received the support of 100% the Republican Caucus and 47% of the Democrat Caucus.

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