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Press Release Contact:
Wednesday, November 1, 2000
Frank Torres/David
Butler
202/462-6262
Consumers Union's Washington, DC
Office
WASHINGTON, D.C. -- Opponents of a controversial measure to
radically change America's bankruptcy system scored a major victory today when
the bill failed to get enough votes to bring it up for consideration in the
Senate.
Despite the setback, Senate Majority Leader Trent Lott vowed
to resurrect the bill when Congress returns for a lame-duck session later this
month.
Frank Torres, Legislative Counsel for Consumers Union, made
the following statement today regarding the bankruptcy bill and the failed
cloture vote:
"Today's vote to block the bankruptcy bill from
consideration was an important victory for the millions of consumers who would
be unfairly punished under this bill.
"Supporters of the bill overreached. They tried to bring up
a horribly flawed bill using a horribly flawed process, and they came up short.
Now we have to prepare for whatever procedural maneuver they choose to resurrect
it.
"Halloween is over, but the bankruptcy bill is like Mike
Myers. Every time you knock it down, the bill manages to rise again to wreak
havoc. This bill has come to symbolize the lengths to which some members of
Congress will go to reward special interests at consumers'
expense.
"The bill is touted as a 'reform' measure to prevent people
from abusing the system. But it ignores the fact that the number of bankruptcy
filings is dropping, and it ignores the abusive behavior of many creditors and
credit card companies. The bill heavily favors the credit industry and harshly
punishes people struggling to put their personal finances in order. It is
nothing more than a special-interest giveaway for businesses with a history of
mistreating consumers."
Consumers Union, publisher of Consumer Reports magazine, is an independent, nonprofit testing and information-gathering organization, serving only the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.
