Kay Bailey Hutchison: “I rise to talk about the bankruptcy reform bill that we have just proceeded to and to say that this is a very important…”

“I rise to talk about the bankruptcy reform bill that we have just proceeded to and to say that this is a very important reform bill. I want to commend Senator Chuck Grassley for the work he has done on this bill and to specifically talk about one part of this bill which was very important to me. That is the homestead exemption that is a part of the Texas Constitution. I worked with Senator Grassley and Senator Hatch when this bill was coming to the floor earlier this month to make sure that, by the time the bill was finished, it would take into account those States that have constitutional provisions, as my State does, which provide for some sort of homestead exemption. In my home State of Texas, we have had a homestead exemption under our bankruptcy laws and in the constitution since the 1840s, actually; this is not something that has come about lately. But because many farmers and ranchers were very worried about losing their livelihoods if they ever got into a temporary situation--they were worried that they would lose their ability to maintain their families and their livelihoods--so we have a constitutional provision. It was important to me that we keep it.”