Political Quotes

“I rise in strong support of bankruptcy reform. I am a lead sponsor of this measure because the system is broken, and it is up to us to fix it. What was once the option of last resort is becoming the preferred option of choice. A legislative fix is vital to distinguish between those who truly need a fresh start and those who want to game the system for personal advantage, those capable of assuming greater responsibility and making good on at least some of what they owe. Mr. Speaker, unless we take the steps now to reform the bankruptcy system, while the economic times are good, we will not have the political resolve to fix it when they are not so good. Trapped in a broken bankruptcy system where they lack the confidence that individual borrowers will be able to honor their payment commitments, lenders and creditors will have no choice but to restrict credit. We cannot let that happen. Restricting credit during a downturn in the economy is exactly the opposite of what should happen. It is exactly the opposite in the national interest. It only deepens the severity of any recession and delays the eventual recovery. Despite this country's strong economy, the rate of personal bankruptcy filings has increased dramatically. Last year, personal bankruptcy filings rose nearly 20 percent. They reached a record high of 1,400,000 filings. Think about it. More people filed for personal bankruptcy than graduated from college last year.”