Lindsey Graham: “for 133 years, since Congress established a Federal personal bankruptcy law, there has been a recognition that the law…”

“for 133 years, since Congress established a Federal personal bankruptcy law, there has been a recognition that the law is a balance of the interests of the National Government in uniformity and the interests of the States in terms of local values and circumstances. Federal law presently allows States, for instance, to establish how much of their residents' property can be protected or exempt from seizure during bankruptcy. This delicate relationship tests our fundamental commitment to the concept of federalism. Everybody is for federalism. Everyone favors more local control, placing decisions closest to those who are involved, until it begins to affect a specific interest of their own. Then they become what I refer to as ``situational federalists.'' If the situation does not result in a conclusion that is to your liking, you decide that federalism becomes a lesser value. We are being tested today on, do we believe, as this Congress has for 133 years, that personal bankruptcy should be a balance of the interests of uniformity at the national level, but recognize the legitimate interests of the States and their citizens in protecting certain important values.”