10/19/00
Senator Lott Moves for Cloture on Bankruptcy Reform
According to sources, Majority Leader Lott (R-Miss.) may file a cloture motion on H.R. 2415, the bankruptcy reform bill, today. A "cloture"
motion in the Senate closes debate or ends a filibuster if passed (requiring 3/5, 60 senators, vote). If cloture passes, the Senate is then allowed to vote on a bill. Lott is filing the motion in anticipation of the vowed filibuster of the bill by Senator Wellstone (D-Minn.). A vote on a cloture motion cannot occur immediately, such motion must "ripen". Procedurally, if the cloture motion is filed today, it would not ripen until next Tuesday. The bill, H.R. 2415, passed the House by a voice vote October 12th. However, the White House has already pointed out that the bill does not contain the Schumer (D-NY) amendment making nondischargeable debts relating to abortion clinic violence nor the compromise on limiting the homestead exemptions.As stated before, timing has become the major factor in the bankruptcy debate. Assuming Lott is successful on his cloture motion and the bill
passes the Senate, it is likely the President will veto the bill. The question then would be whether Congress would stick around, pre-election, to try to override the veto or come back. Both of these scenarios seem unlikely at this time.*************
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.