Jerry Nadler: “I am offering this substitute amendment on behalf of the gentleman from Michigan (Mr. Conyers) to make the bill a truly…”

“I am offering this substitute amendment on behalf of the gentleman from Michigan (Mr. Conyers) to make the bill a truly balanced reform measure by promoting responsibility for both debtors and lenders alike. Unfortunately, the bill being brought to the floor today is little more than a package of special interest amendments that will distort the bankruptcy system, hurting the most financially desperate families, shut down distressed businesses and do nothing to stop predatory lending or collection practices. The substitute will make a number of changes to the bill to ensure responsibility, without encouraging abuse of the system by debtors or by creditors. The substitute replaces the one-size-fits-all means test with a clear standard that takes into account the debtor's real income and real expenses. That is not what the bill does now. The bill before us would calculate a family's ability to repay its debts by looking at income they no longer have and costs of living that some IRS bureaucrat thinks their expenses should be, rather than what their expenses really are. Since when did the IRS bill collectors become the gold standard for accountability and fairness?”