Political Quotes

“I have been amused by listening to the litany of criticisms about how we rushed through it. Comparisons were made about what happened with the 1978 bill that finally became law. Prior to 1978, the opposition is pleased to say, they had 5 years to work on a bankruptcy bill that became the bankruptcy bill of 1978. That subcommittee and that committee that worked on it for 10, 12, 15 days. After 5 years, they still had a markup with new ideas and new proposals to consider even through the markup stages of the subcommittee and the full committee. So even with the 5 years, they were not ready at the final moment to have a final bill, just like we did not. We have new ideas, new circumstances occurring all the time. But the main themes of this bankruptcy reform bill were born of the 1,400,000 unexplained filings and our society being drenched in debt of individual debtors who, in some cases, could repay some of the debt. We believe that enough time has been devoted to it. Moreover, even during the time that we had, we had the benefit of the Commission report, the Bankruptcy Commission.”