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NEWS RELEASE 2000

ABA Media Contact: Catherine Pulley
(202) 663-5468
E-mail: cpulley@aba.com

October 12, 2000 

ABA STATEMENT ON THE HOUSE PASSAGE OF BANKRUPTCY REFORM

by Edward L. Yingling, executive director, government relations

“The American Bankers Association (ABA) is pleased today to see bankruptcy reform pass the House of Representatives.  ABA, along with small business groups, has been actively working for meaningful bankruptcy reform this Congress. 

“Current bankruptcy laws allow wealthy filers to walk away from billions of dollars in debt, on which they can afford to make some payments. This broken bankruptcy system costs hard-working American families $400 a year in higher interest rates and increased costs of goods and services. This is not fair to Americans who pay their bills each month and are forced to pick up the tab left by a record number of filings. 

“Reforming the bankruptcy laws will make the system fair for everyone. Wealthier filers will not be able to walk away from debt they can afford to repay, while the safety net will be preserved for others who truly are in need.  We hope today’s passage by voice vote sends a signal to the White House that bankruptcy reform has strong bipartisan support.  Reforming our bankruptcy system is good for America.”             

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