11-13-1999

BANKING: Bankruptcy Reform Inches Forward

The Senate this week waded through amendments to legislation that's
intended to make it harder for people declaring bankruptcy to get out of
paying certain debts. Senators still had dozens of pending amendments late
on Nov. 10, and they will presumably return to the legislation next week.
Under an agreement, the Senate must still debate three nongermane
amendments, including one offered by Sen. Paul Wellstone, D-Minn., to
prohibit large agribusiness mergers and acquisitions for the next 18
months. Sen. Russell Feingold, D-Wis., has an amendment to end U.S.
military assistance to Indonesia until it gives security guarantees for
East Timor. And Sens. Paul Coverdell, R-Ga., and Judd Gregg, R-N.H., have
offered an education amendment providing a $2 billion block grant for
teacher training. Most observers agreed that the bankruptcy bill would
prevail easily on an up-or-down vote. A somewhat more stringent bankruptcy
reform bill approved by the House in May faces a veto threat.


Mark Wegner/CongressDaily

National Journal