Political Quotes

“I am a lead sponsor of this measure because the bankruptcy system in this country is not serving the national interest. What used to be the option of last resort has too often become the preferred option of choice, and so a legislative fix is vital to distinguish between those who truly need and deserve a fresh start and those capable of assuming greater responsibility and making good on at least some of what they owe. Mr. Chairman, unless steps are taken now to reform the bankruptcy system while economic times are good, we will not have the political resolve to fix it when the economy is not as strong. Today wages are up, unemployment is down, interest rates and inflation are low, but the rate of personal bankruptcies has increased dramatically. Last year personal bankruptcies rose 20 percent, reaching a record high of 1.4 million files. Think about it. More people filed for personal bankruptcy than graduated from college last year. What does that say about our country? And while many would like to blame the credit card industry for the sharp increase in bankruptcy filings, it is important to note that the credit card industry is not the impetus for the current bankruptcy crisis. More than 96 percent of credit card holders pay bills as agreed to, and only 1 percent ever end up in bankruptcy.”