Herb Kohl: “I rise today to congratulate my colleague and friend--Senator Heflin, chairman of the Courts Subcommittee--for his…”

“I rise today to congratulate my colleague and friend--Senator Heflin, chairman of the Courts Subcommittee--for his leadership on the bankruptcy bill. Once again Senator Heflin's dedication and perseverance have brought this important measure before this body. And once again, I am certain that an overwhelming number of my colleagues will support this measure. I also note that Senators Grassley and Metzenbaum have made important contributions to this process and they also deserve commendation for their efforts. Mr. President, there are many important provisions in this legislation and we will consider additional amendments as we proceed. However, I believe that we will finish the process as we began: with a good piece of legislation that improves the overall bankruptcy process by addressing the legitimate needs of both debtors and creditors. In that regard, I thank the distinguished manager for including my Equipment Leasing Fairness Act as part of the bill. The act includes several clarifications to sections 1110 and 1168 of the Bankruptcy Code that will resolve ambiguities in the law without upsetting the delicate balance of fairness and equity between the air and rail industries, the equipment manufacturers, and the parties financing the equipment.”