9/27/00
Armey Not Convinced About Bankruptcy Reform Plan
Senate Majority Leader Lott's (R-Miss.) plans to attach bankruptcy reform legislation this week to the transportation appropriations bill (H.R. 4475) and include the Violence Against Women Act (VAWA) in the package to make it more appealing to Democrats, has not convinced House Majority Leader Armey (R-Texas). Armey indicated yesterday that the leadership is still undecided about taking such action. Armey did confirm that there has been discussion among the leadership that marrying VAWA (H.R. 1248) to the bankruptcy bill.
In related news, the Credit Union National Association September 25 sent to every member of Congress a letter urging them, "on behalf of America's 78 million credit union members, 11,000 credit unions, and 50 state associations," to pass bankruptcy reform legislation.
In contrast, the decline in a personal bankruptcy filings over the first six months of 2000, is a clear indicator to some that there is no need to reform the bankruptcy system, according to University of Maryland Department of Economics Professor Lawrence Ausubel in a September 25 report entitled Personal Bankruptcies Continue Sharp Decline: September 2000 Update. According to Ausubel, the statistics support the view that the bankruptcy reform measures currently under consideration on Capitol Hill are "unnecessary and counterproductive."
The report and related documents are available at: http://www.bsos.umd.edu/econ/bankruptcy.
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TMA is committed to providing the most recent legislative actions affecting the corporate renewal industry. The following updates are provided by TMA's Legislative Consultant, David P. Goch, of Webster, Chamberlain & Bean in Washington, DC. Please contact David at dgoch@wc-b.com or (202) 785-9500 for more information or specific questions about the legislative information provided below.