Grassley To Chair Hearing on Increase in Consumer Bankruptcies
"With the dramatic rise in personal bankruptcies, Congress needs to make sure that the bankruptcy system is functioning fairly for both debtors and creditors," said Grassley. "I want to hear from all sides. The impact of this trend touches the lives of hundreds of thousands of American families." The Iowa senator co-authored the comprehensive Bankruptcy Reform Act of 1994. He serves as chairman of the subcommittee with jurisdiction over bankruptcy issues.
Grassley said he scheduled the Friday hearing because of recent reports identifying an unprecedented level of consumer bankruptcies. "One recent study indicates that many Americans are literally drowning in debt, so I fear this trend could continue. What's more, if the economy slows down the number of consumer bankruptcies could become even greater," he said. Grassley also indicated his interest in examining the cultural shifts that have led to increased consumer debt and what role the massive number of credit card solicitations may have in the increase in consumer debt and personal bankruptcies.
The hearing is scheduled to begin on April 11th, at 9:30 a.m. in SD-226. The individuals listed below are scheduled to testify:
- PANEL 1
- Michael E. Staten, Director, Credit Research Center, Purdue University
- Professor Ian Domowitz, Department of Economics, Northwestern University,
- Edward Bankole, Moody Investment Center, New York
- Kim Kowalewski, Chief of the Financial and General Macroeconomic Analysis Unit,
Congressional Budget Office
- Michael McEneney, Attorney at Law, Morrison & Foerster, Washington, D.C.
- PANEL 2
- Donald Banks, Director of Legal Services, Dayton Hudson, Minneapolis
- Ken Crone, Sr. Vice President, Issuer Risk, VISA USA Inc., Fluster City, California
- Jean Ryan, Attorney at Law, Miami
- Gerald P. Wixted, Education Director, Consumer Credit Counseling Services, Philadelphia