Bill Clinton: “I stand here today not in opposition to moving forward with the Bankruptcy Reform Act, but to send a clear message that…”

“I stand here today not in opposition to moving forward with the Bankruptcy Reform Act, but to send a clear message that I continue to have strong reservations about whether this bill is both balanced and responsible. I have long said that debtors that have the genuine capacity to repay some of their debt should be required to do so, but abuses by creditors need to be stopped. I grew up with a father who never accepted any credit--never had a credit card in his life. He taught me the importance of always working hard and paying your debts. I believe every American should work hard to spend responsibly and to repay their debts, but I also know that some families are hit by unexpected hardships. This bill should not have the effect of targeting our most vulnerable consumers--women who are left with little resources as their husbands who were the primary breadwinners leave the family; or families with no health insurance who are struck with financial hardship when one family member becomes critically ill; or another family who suddenly finds that the primary breadwinner is laid off with little employment opportunities available in the region. These are not the families who need to be further stuck by hardship of bankruptcy reform that is inflexible or overly harsh on debtors.”