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| Sunday, March 25,
2001 | |||||||||||
 
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NEWS RELEASE
2001 ABA Media Contact: Catherine Pulley (202) 663-5468 E-mail: cpulley@aba.com March 15, 2001ABA STATEMENT ON THE SENATE BANKRUPTCY BILL PASSAGE by Edward L. Yingling, executive director, ABA government relations “Today’s Senate passage of the bankruptcy reform bill will preserve the safety net for those who truly need bankruptcy protection. A needs-based system repairs the bankruptcy laws by requiring wealthier debtors to repay what they can afford. “Wealthier filers walk away from billions of dollars in debt each year, regardless of their ability to pay. This is simply not fair to the 96 percent of Americans who pay their bills on time each month. Bankruptcy laws should be fair to everyone. The American family should not be expected to pick up the tab. “The Senate bill contains financial education provisions that will inform debtors of bankruptcy alternatives and require credit counseling prior to filing. This financial education provision, along with a needs-based approach will ensure that bankruptcy is a last resort, not the first option.” # # # 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. |
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