Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. We are here today to address an imposing threat to one of the foundational aspects of our economy, the national bankruptcy system. A well-functioning bankruptcy system provides relief to consumers, allows businesses to reorganize, preserves jobs, maximizes the value of assets, and ensures the proper allocation of resources. Our bankruptcy judiciary is the heartbeat that keeps this system moving. If that judiciary is strained and undermanned, that system will grind to a halt, eliminating the essential benefits it provides and sending repercussions throughout the economy. There are presently 29 temporary bankruptcy judgeships in the bankruptcy system with a lapse date of May 25. These temporary judgeships comprise more than 8 percent of the current bankruptcy judgeships nationwide. After May 25, 2017, these judgeships are at risk of being permanently lost, resulting in larger caseloads shared by fewer judges and causing further strain on our judiciary system. The Bankruptcy Judgeship Act of 2017 converts 14 of the existing temporary judgeships to permanent status and creates 4 new permanent bankruptcy judgeships in districts with some of the highest caseloads in the country. In fact, since the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, when a majority of the temporary judgeships were created, these districts have seen weighted filings increase by more than 55 percent.…”