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Mr. ROTH. Mr. President, I rise today to ask that my name be added as a cosponsor to S. 625, the Bankruptcy Reform Act. It is clear that a reform of our consumer bankruptcy laws is called for. The United States is at the height of its prosperity, yet in these good economic times bankruptcy filings are at an all time high.
Of course, no matter how well the Nation is doing as a whole, individuals and individual families may need to fall back upon bankruptcy protection. The reforms included in the bipartisan Grassley-Torricelli proposal will not punish legitimate uses of the bankruptcy codes. Rather this bill will root-out what I agree are its illegitimate uses, and assert rights of consumers filing for bankruptcy. S. 625 also extends or authorizes several necessary bankruptcy judgeships, including one in Delaware, and reenacts farm bankruptcy laws among its provisions.
This bill also makes changes in the way that tax claims are handled in bankruptcy. As chairman of the Finance Committee, I have a strong interest in these tax-related provisions. As Senator GRASSLEY mentioned when he introduced the bill, we both expect to modify a number of the provisions at the appropriate time.
Mr. President, I am glad to join my friend and fellow Delaware Senator, JOE BIDEN, as a cosponsor of the Bankruptcy Reform Act. I look forward to its consideration on the Senate floor in the coming months.
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