12/7/00
Senate Passes Bankruptcy Reform Bill
The bankruptcy reform bill passed the Senate by a vote of 70-28; a vote, that if duplicated, could override a Presidential veto.
The following is a list of Democratic senators who voted in favor of H.R. 2415: Bayh (IN), Biden (DE), Bingaman (NM), Bryan (NV), Breaux (LA), Byrd (WV), Cleland (GA), Conrad (ND), Dorgan (ND), Graham (FL), Hollings (SC), Johnson (SD), Kerrey (NE), Lincoln (AK), Miller (GA), Mikulski (MD) and Torricelli (NJ).
As expected, praise for the passage of the bill was wide spread among banks, credit unions, the credit card companies and some retail organizations. It appears the Clinton Administration is standing strong in opposition to the bill and in a December 6 statement, White House Press Secretary Siewert, stated the bill is flawed and identified the "unlimited exemption on homesteads" and the lack of the Schumer amendment.
*************
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.