NRF Applauds Senate for Tackling Bankruptcy Reform Act

Washington, DC, December 5, 2000 – The National Retail Federation today commended Senators of both parties for moving forward on H.R. 2415, the "Bankruptcy Reform Act" by approving a cloture motion with a strong, bipartisan vote.

Bankruptcy legislation was passed by veto-proof margins in both the House of Representatives and the Senate early in the legislation session. However, Congressional negotiators had difficulty working out a compromise measure. In October, with a compromise finally reached, the House attached the bankruptcy bill to an existing State Department authorization bill and approved it by voice vote. Action in the Senate had been stalled, in part due to the continuing negotiations on unfinished appropriations bills. By a strong margin, the Senate approved a cloture motion on H.R. 2415, limiting debate on the measure to 30 hours before holding a vote on final passage. Passage of the cloture motion is a vital step forward in clearing the way for the President’s signature.

“We find it notable that even on the controversial cloture motion, the Senate mustered a veto-proof margin in favor of proceeding with bankruptcy reform legislation,” said Steve Pfister, Senior Vice President for Government Relations. "Bankruptcy reform is not a partisan issue. NRF would like to thank the Senators who put aside their political differences to move this fair and balanced legislation.”

The National Retail Federation (NRF) is the world's largest retail trade association with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalogue, Internet and independent stores. NRF members represent an industry that encompasses more than 1.4 million U.S. retail establishments, employs more than 20 million people -- about 1 in 5 American workers -- and registered 1999 sales of $3 trillion. NRF’s international members operate stores in more than 50 nations. In its role as the retail industry's umbrella group, NRF also represents 32 national and 50 state associations in the U.S. as well as 36 international associations representing retailers abroad.

For more information about NRF, visit our Website at www.nrf.com.

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