Chuck Grassley: “At this point, I will say a few words about how we have thought of the proper role of bankruptcy over the course of our…”

“At this point, I will say a few words about how we have thought of the proper role of bankruptcy over the course of our Nation's history. Congress' authority to create bankruptcy legislation derives from the body of the Constitution. Article I, section 8, clause 4, authorizes Congress to establish ``uniform laws on the subject of bankruptcy throughout the United States.'' Until the year 1898, we did not have permanent bankruptcy laws; they were temporary. They were temporary reactions to particular economic problems.”