Dianne Feinstein: “If you put a time date in this, why wouldn't that encourage certain…”

On the recordMarch 13, 2001

If you put a time date in this, why wouldn't that encourage certain creditors to beat that date and push into bankruptcy ahead of that deadline? This is what every bankruptcy attorney with whom I have talked--and I have it right here: The inclusion of an effective date may not reduce the likelihood that non-covered creditors would rush the bankruptcy process, but rather could heighten and accelerate that risk because the affected parties will perceive a need to beat the legislative clock while simultaneously trying to amend the legislation.

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Dianne Feinstein

Democratic · California

Source

govinfo.gov

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Dianne Feinstein: “If you put a time date in this, why wouldn't that encourage certain creditors to beat that date and push into bankruptcy…”