9/13/00
White House Rejects GOP Compromise on Bankruptcy Legislation
On September 12, the Clinton administration rejected an offer from Senate Majority Leader Lott (R-Miss.) to compromise on stalled bankruptcy legislation (H.R. 833).
Lott's proposal included a provision created by the House Judiciary Committee Chairman Hyde (D-Ill.) to establish a safe harbor for lower-income filers, guarding below-median-income debtors from motions by trustees, and a modified cap on the homestead exemption that debtors use to shield assets from creditors. The proposal dropped a provision sponsored by Senator Schumer (D-NY) to bar the discharge of debts related to abortion clinic violence.
There was no indication made that the administration would make any counter-offer on the legislation.
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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.