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Press
Release Contact:
Wednesday, November 1,
2000
Frank Torres/David Butler
202/462-6262
Consumers
Union's Washington, DC Office
WASHINGTON, D.C. -- Opponents of a
controversial measure to radically change America's bankruptcy system
scored a major victory today when the bill failed to get enough votes
to bring it up for consideration in the Senate.
Despite the setback, Senate Majority Leader
Trent Lott vowed to resurrect the bill when Congress returns for a
lame-duck session later this month.
Frank Torres, Legislative Counsel for Consumers
Union, made the following statement today regarding the bankruptcy
bill and the failed cloture vote:
"Today's vote to block the bankruptcy bill from
consideration was an important victory for the millions of consumers
who would be unfairly punished under this bill.
"Supporters of the bill overreached. They tried
to bring up a horribly flawed bill using a horribly flawed process,
and they came up short. Now we have to prepare for whatever
procedural maneuver they choose to resurrect it.
"Halloween is over, but the bankruptcy bill is
like Mike Myers. Every time you knock it down, the bill manages to
rise again to wreak havoc. This bill has come to symbolize the
lengths to which some members of Congress will go to reward special
interests at consumers' expense.
"The bill is touted as a 'reform' measure to
prevent people from abusing the system. But it ignores the fact that
the number of bankruptcy filings is dropping, and it ignores the
abusive behavior of many creditors and credit card companies. The
bill heavily favors the credit industry and harshly punishes people
struggling to put their personal finances in order. It is nothing
more than a special-interest giveaway for businesses with a history
of mistreating consumers."
Consumers Union, publisher of Consumer Reports magazine, is an independent, nonprofit testing and information-gathering organization, serving only the consumer. We are a comprehensive source of unbiased advice about products and services, personal finance, health, nutrition, and other consumer concerns. Since 1936, our mission has been to test products, inform the public, and protect consumers.
