Political Quotes

“H.R. 3150 is one of the most comprehensive legislative efforts to reform bankruptcy law and practice in the 20 years since the enactment of the Bankruptcy Code in 1978. The guiding principle of these reforms has been to restore personal responsibility and integrity in the bankruptcy system and to ensure that it is fair for both debtors and creditors. This bill represents the culmination of more than three years of careful analysis and review of our nation's current bankruptcy system. In the past year, the Subcommittee on Commercial and Administrative Law, of which I serve as Chairman, has held nine hearings on various aspects of bankruptcy reform. With regard to H.R. 3150 alone, the Subcommittee held four hearings. Over the course of those hearings, more than 60 witnesses, representing a broad cross-section of interests and constituencies in the bankruptcy community, testified. Nearly every major organization having an interest in bankruptcy reform had an opportunity to participate in these hearings. H.R. 3150's reforms pertain to consumer and business bankruptcy law and practice, and includes provisions regarding the treatment of tax claims and enhanced data collection. H.R. 3150 also establishes a separate chapter under the bankruptcy Code devoted to the special issues and concerns presented by international insolvencies.”