Bankruptcy Reform -- The Chamber advanced legislation to overhaul the nation’s bankruptcy system by requiring wealthier debtors to repay a portion of their debts while protecting the rights of legitimate bankruptcy filers. The issue remains a Chamber priority for the 108th Congress.

 

Terrorism Insurance Legislation -- The Chamber successfully advocated for the enactment of a temporary federal financial backstop for terrorism insurance. At press time, the House approved the measure and the Senate is expected to follow suit.

 

Class Action Reform -- The Chamber’s Institute for Legal Reform developed and introduced The Class Action Fairness Act and obtained key House and Senate co-sponsors from both parties. The House approved its bill in March.

 

Judicial Elections -- Because the Chamber believes the public needs to understand the importance of having state judges and attorneys general who will enforce the rule of law with integrity and impartiality, the U.S. Chamber Institute for Legal Reform provided substantial support to local chambers and other groups that engaged in public education activities. The Chamber is pleased that 17 out of 18 pro-legal reform candidates were elected to serve as attorneys general and supreme court justices.

 

Securities Litigation Reforms -- The Chamber blocked attempts to repeal the Private Securities Litigation Reform Act and the Securities Litigation Uniform Securities Act, which would have opened up publicly traded companies to more frivolous trial lawyer-inspired litigation.