Political Quotes

“Thank you, Madam President. During the course of this debate on the bankruptcy bill, we will be talking about a number of aspects of this procedure. When you consider a nation of 260 million Americans, and I guess about 1.3 or 1.4 million each year file bankruptcy, the vast majority of people who may be watching this debate have no personal knowledge of the subject. Of course, some lawyers and people who are involved in credit counseling do, but, unfortunately for a lot of unsuspecting people, bankruptcy becomes a critical part of their lives. Senator Grassley and I are attempting to change the bankruptcy code in a way that is fair, that will reduce abusive bankruptcies, but still allow the procedure to be available to those who truly need it. Let me give an example of one of the amendments which I have offered, or will offer if given the opportunity, which I think tells an important story about bankruptcy; that is, the whole question about retirement funds. Creditors want those who file for bankruptcy to pay their creditors every penny they have, often including retirement savings.”