Political Quotes

“the reason I am supporting this bill is because it has the tendency of making loans more available and it has the tendency of bringing interest rates down. This amendment throws open the door for litigation every time there is a dispute as to whether a debtor's particular expenses are reasonably necessary. This will dramatically increase administrative burdens on the bankruptcy system. It also leaves the door open to indecision based on individual judge interpretation. Passing this amendment and doing away with the bill's more definite guidelines means those interest rates will not come down; it means that the increased availability of those loans will not be forthcoming until the lenders have decided what judges are going to do with the discretion that is added by the Hyde amendment. H.R. 833 does not incorporate the actual repayment test used by the IRS. Instead, it incorporates the categories identified by the IRS as necessary expenses. This is an important distinction because the means test of H.R. 833 is more flexible than anything used by the IRS. The ability to consider 'extraordinary circumstances' provided for under the bill is a better mechanism to establish fair and equitable reform than the amendment giving bankruptcy judges discretion to create their own tests of 'reasonableness'.”