Thanks to Nathan, following is the text of Senator Reid's statement about his "Yea" vote on the bankruptcy bill:
People who have the ability to repay their debts should be required to do so. I support this bill because it puts that principle into law and prevents the abuse of bankruptcy laws.
The bill is flawed in several ways. It does not do enough to protect people who declared bankruptcy due to medical emergencies or military service. It does not do enough to protect the employees of corporations like Enron and Worldcom that declare bankruptcy. And it allows people who engage in unlawful projects to avoid accountability. Democrats offered amendments to address each of these flaws, but they were rejected by the Republican majority. I hope the Congress returns to these important issues in the future.
But even with these flaws, the bill is an improvement over current law and merits my support.
Note that this had to be transcribed by someone who called in and asked for the statement, as Reid's office is refusing to release it through normal public channels or post it on their website.
What an odd statement. List a bunch of specific flaws, speak ambiguously about unidentified benefits, and then defend the bill? Refer to the recent pdf from bankruptcy-law professors, or the awesome video of Dave Ramsey to gather up counterpoints.
Posted by tunesmith at March 14, 2005 04:16 PM
TrackBack URL for this entry: