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Re: Bankruptcy follow up

Here is Murray's floor statement. Mulkulski does not appear to have made one Mrs. MURRAY. Mr. President, I rise to express my support for the bankruptcy reform legislation. This legislation offers an imperfect but fairly balanced approach to reforming the bankruptcy system. Through the amendment process we have improved the bill, but it could be more fair to all sectors of our society. I am disappointed some good amendments that would have improved the legislation were rejected. The bankruptcy reform legislation that passed the House a couple of weeks ago is less friendly to individuals in adverse circumstances not of their own doing. If this bankruptcy reform bill is weakened in conference, I will have a hard time supporting it. I will likely oppose a conference agreement that looks at all like the House bill. In recent years, consumer bankruptcy filings have dramatically increased. We debated bankruptcy reform in the last two Congresses. Those discussions showed our desire to elevate personal responsibility in consumer financial transactions; to prevent bankruptcy filings from being used by consumers as a financial planning tool; and, to recapture the stigma associated with a bankruptcy filing. It is clear the system is broke, and bankruptcy reform is needed. I voted for bankruptcy reform in both the 105th and 106th Congresses, and I plan to vote for this bill. Despite these votes, I have reservations about how the unintended consequences of this bill will affect the less fortunate. The bill will have an enormous impact on women and child support. The largest growing group of filers are women, usually single mothers. The bill’s overall philosophy of pushing debtors from chapter 7 to chapter 13 will have an unintended effect on women. They usually have fewer means and are more susceptible to crafty creditors seeking to intimidate and reaffirm their debts. They need the protection of chapter 7, but could be pushed into chapter 13. Women will also be disadvantaged by provisions in this bill that fail to prioritize domestic obligations. Under the provisions of this bill, women will find themselves competing with powerful commercial creditors for necessary resources, such as past-due child support, from spouses who are in bankruptcy. It is unfair to place the critical needs of families and single mothers trying to survive behind those of welloff commercial creditors. Another problem with this bill is the new filing requirements are very complex, which could result in unintended discrimination against lower-income individuals and families. Many low-income families don’t have the means to combat most creditors. Because debtors must prove they are filing for legitimate reasons, those without the means to combat powerful commercial interests will be placed at an unfair disadvantage. I was also disappointed that the U.S. Senate failed to adopt some very good amendments that would have significantly improved the bill. Senator KOHL offered an amendment that would have limited the practice of wealthy debtors shielding themselves from creditors in bankruptcy behind State homestead exemption laws that allow them to shelter large amounts of money in a new home. His amendment would have placed a national cap on this exemption, and limited the abusive practice of sheltering large amounts of money in large homes. I supported this needed amendment, but it was rejected on the floor of the Senate. Several amendments were also offered that would have restricted the marketing to and use of credit cards by young people. Credit card companies are aggressively marketing to young people, and many young people are getting into massive debt. Companies should only be allowed to offer credit cards to those who can pay for them. Finally, I am disappointed that amendments were rejected that would have limited predatory lending practices. Some of these predatory loans can have interest rates over 100%. I was pleased to see that the bill included language to end the practice of using the bankruptcy code to escape civil punishment for violence, intimidation or threats against individuals using family planning services. This provision was added in the Judiciary Committee and greatly improves the bill. It ensures that those who violate the law cannot escape justice through the bankruptcy laws. This critical provision of this bill that must not be stripped or drastically changed in conference. Overall, this is a decent bill that will improve on the current abuses of the bankruptcy system. While I have concerns over many of this bill’s provisions, I hope they can be dealt with in conference or in future legislation. This bill should be strengthened in conference, not weakened as has happened to other versions of bankruptcy legislation. I will closely examine a conference agreement with this in mind before voting to send this legislation to the President. [Congressional Record, 3/15/01 <https://www.gpo.gov/fdsys/pkg/CREC-2001-03-15/pdf/CREC-2001-03-15-pt1-PgS2343.pdf#page=32> ] Sent from my iPhone On Feb 7, 2016, at 4:19 PM, Ann O'Leary <aoleary@hillaryclinton.com> wrote: She said women groups were all pressuring her to vote for it. Evidence does not support that statement. If anyone can jump on call, I'm in the line. 718-737-9168, NO PIN > Ann O’Leary Sent from my iPhone (510) 717-5518 (cell) On Feb 7, 2016, at 1:16 PM, Kristina Schake <kschake@hillaryclinton.com> wrote: What did she say that was wrong? On Sun, Feb 7, 2016 at 4:15 PM, Ann O'Leary <aoleary@hillaryclinton.com> wrote: > Hi all - > > We have a problem. HRC overstayed her case this morning in a pretty big > way. Marcia, Judy and I have been figuring out what we could say that > doesn't contradict their 2001 statement. But my other idea is to have women > Senators who all voted for it to put out statement. > > Mandy, Gary and I jumping on phone at4:15. If folks can join, please dial > in: > > 718-737-9168, NO PIN > > > Ann O’Leary > Sent from my iPhone > (510) 717-5518 (cell) > > On Feb 7, 2016, at 1:08 PM, Jennifer Palmieri < > jpalmieri@hillaryclinton.com> wrote: > > Hi, Ann. Have you been able to reach them? Really hoping to get this out > today. > > > > * -- Kristina Schake | Communications Hillary for America