Dianne Feinstein: “I support bankruptcy reform, and I voted in favor of the Senate bankruptcy bill, this past February. Simply put, people…”

“I support bankruptcy reform, and I voted in favor of the Senate bankruptcy bill, this past February. Simply put, people who can afford to repay their debts, should repay their debts. However, I cannot support the version of bankruptcy legislation outlined in the Conference Report to H.R. 2415. The Conference Report has dropped key provisions from the Senate-passed bankruptcy bill, and has failed to protect consumers against irresponsible creditor practices. Thus, I intend to vote ``No''. Let me recount my concerns. First, the Conference Report lets wealthy individuals continue to purchase multimillion dollar homes that are shielded from creditors' bankruptcy claims. The Senate bill curbed this abuse, voting 76-22 to approve the Kohl amendment placing a $100,000 nationwide cap on homestead exemptions. The Conference Report replaced the Kohl amendment with a two-year ownership or residency requirement that wealthy debtors can easily sidestep. Debtors should not be able to avoid their obligations by funneling money into extravagant estates. The Conference Report lets this egregious practice continue. Second, I am proud to be an original cosponsor of Senator Schumer's amendment to prevent anti-abortion extremists from using bankruptcy laws to avoid paying civil judgements against them. The Senate passed the Schumer amendment by an overwhelming 80-17 vote.…”