12/5/00
Bankruptcy Reform Cloture
Senate Majority Leader Lott (R-Miss.) indicated yesterday that he expected to discuss the bankruptcy reform bill (S. 2415) at a meeting held late yesterday with the White House to discuss, primarily, the outstanding four appropriations bills. Lott also reconfirmed his intent to reconsider the cloture vote. On November 1st, the Senate failed to limited debate on the conference report to the bill by 6 votes (although it failed by 7 votes officially, Lott voted against it himself in order to preserve procedurally the ability to bring it up again). On that day, 17 Senators were absent.
Despite these efforts, even if the bill passes the Senate, President Clinton has threatened to veto the conference report.
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The Senate just invoked cloture on the bankruptcy reform bill (S.2415) by a vote of 67-31. It is likely that they will debate the bill tomorrow (they are still working on the details of the time agreement for the debate). It is likely the Senate will vote for final passage also tomorrow.
In light of this development, it is likely that the bill will pass the Senate, but the President will veto the bill and it will not become law.
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The list of Senators who voted AGAINST cloture is as follows:
Akaka (D-HI)
Baucus (D-MT)
Boxer (D-CA)
Bryan (D-NV)
Conrad (D-ND)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Edwards (D-NC)
Feingold (D-WI)
Feinstein (D-CA)
Harkin (D-IA)
Hollings (D-SC)
Inouye (D-HI)
Kennedy (D-MA)
Kerry (D-MA)
Kohl (D-WI)
Landrieu (D-LA)
Lautenberg (D-NJ)
Levin (D-MI)
Lieberman (D-CT)
Mikulski (D-MD)
Moynihan (D-NY)
Murray (D-WA)
Reed (D-RI)
Rockefeller Sarbanes (D-MD)
Schumer (D-NY)
Wellstone (D-MN)
Wyden (D-OR)
Sen. Fitzgerald voted "present".
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Although opponents of the bankruptcy reform bill, S.2415, may force up to 30 hours of debate on the legislation, a tentative schedule has been set by the Senate leadership and a final vote on the legislation has been set for 4:00 p.m., December 7, 2000.
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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.