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ABA STATEMENT ON HOUSE JUDICIARY COMMITTEE PASSAGE OF BANKRUPTCY REFORM 

by Edward L. Yingling, executive director, government relations 

“The American Bankers Association (ABA) is pleased to see bankruptcy reform pass the House judiciary committee so early in the 107^th Congress.   The record number of bankruptcy filings is a clear indication that the system is broken and needs to be fixed. Wealthy filers should not be allowed to walk away from debt they can afford to repay, while Americans who pay their bills each month are forced to pick up the tab.   

“American families pay $400 a year in higher interest rates and increased costs of goods and services due to a record number of bankruptcy filings.   Only a needs-based reform will stop the abuses and preserve the safety net for those who truly need bankruptcy protection.”  

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The American Bankers Association brings together all categories of  banking institutions to best represent the interests of a rapidly changing industry.  Its membership – which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks – makes ABA the largest banking trade association in the country.  ABA can be found on the web at http://www.aba.com.