Political Quotes

“very shortly now we will be engaged in one of the most serious debates of the forthcoming remainder of the session, and that is on bankruptcy reform. I see that the gentleman from Virginia (Mr. Moran) is in the well here with me. He is one of the cosponsors, along with several others, of a bona fide bankruptcy reform measure that in this coming month of March will see four to five hearings, gaining testimony from every sector of our society, on the needs of the public and of the financial community, of the credit establishments and of the people who need a fresh start and really can use the bankruptcy laws to their advantage. And the best portions of all of those will be part of the hearings that we plan to hold. How has this come about? The last time that the Congress acted on an overwhelming set of proposals for bankruptcy was 1978. Since that time, we have had ups and downs in the financial health of our society, but in the last year, even with an economy that seems to be ever moving upward, we had 1,300,000 bankruptcy filings. That is an outrageous number and one that has worried financial houses and institutions, lending institutions, and people from every walk of life for a variety of reasons. How can it be that, with the economy continuing to draw strength, at the same time the curve of the economy goes up so does the curve of bankruptcy? There is something terribly wrong.…”