Russ Feingold: “I will quote from the editorial: When the credit card industry came to Congress to ask for help in collecting debts from…”

“I will quote from the editorial: When the credit card industry came to Congress to ask for help in collecting debts from deadbeats, Congress should have said: It's not government's job to bail you out. Why don't you tighten up your own lending practices? Instead, Congress let the industry turn a bankruptcy reform bill into a debt collection assistance plan. The editorial continues: The House and Senate had before them 172 recommendations from the National Bankruptcy Reform Commission, which was led by Madison attorney Brady Williamson. The commission had stressed that bankruptcy law must remain balanced: It must work for creditors and debtors. But the Congressmen also had before them lobbyists for the credit card industry and similar lenders. Quickly, bankruptcy reform legislation became a campaign fund-raising bonanza for the politicians, with the lending industry 'investing' $20 million in contributions. Just as quickly, bankruptcy reform turned into the credit card industry's bill. My colleagues are well aware of my concern about the influence of money on politics and policy. As I have said a number of times on this floor over this past year, this bankruptcy bill is really a poster child for the need for campaign finance reform.”