Orrin Hatch: “let me begin by expressing my appreciation to Senators Heflin and Grassley, chairman and ranking Republican of the…”

“let me begin by expressing my appreciation to Senators Heflin and Grassley, chairman and ranking Republican of the Subcommittee on Courts and Administrative Practice, for their exceptional efforts with regard to S. 540, the Bankruptcy Amendments Act of 1993. As the principle sponsors of this legislation they have provided the leadership necessary to craft a bill that is acceptable for the most part and, more importantly, fair to the diverse interests in our creditor and debtor communities. I applaud their efforts. I would especially like to thank and acknowledge Senators Heflin and Grassley for their leadership in developing meaningful provisions to assist the small business community of this country. Small businesses are the foundation of this country's economy, creating three-quarters of the new employment opportunities for our citizens. They deserve the type of protection these Senators have agreed to provide in chapter 11. These new provisions will expedite the bankruptcy process for small businesses, helping them navigate through bankruptcy successfully. America's small business community has been well served by their efforts. Let me state that I support the vast majority of the provisions in this important legislation. However, I am also compelled to voice my very strong objection to section 220 of the bill. Section 220 would have a devastating impact on companies with substantial retiree benefits obligations and on their employees.”