We're here today to urge final passage of the conference report on the comprehensive bankruptcy bill.
This bill has been five years in the making. I held the first hearing on the issue in April 1997. This comprehensive legislation has been debated and developed over time with extensive consultation among all interested parties. It addresses concerns raised across the political spectrum.
The final bill strikes a balance. It strengthens the safety net for those who truly need a fresh start, and it closes loopholes exploited by big spenders who have the ability to repay their debt but now walk away scot-free. It promotes responsibility among borrowers and creates a deterrence for those who want to cheat the system.
The reform bill we all support has won strong bipartisan votes in the Senate and the House of Representatives numerous times. It's gone through conference committees three times. Final agreement and presidential support has proven elusive, until now.
But now we have an agreement, and now it's time for both the Senate and the House of Representatives to cross the finish line. There is no legitimate reason to put off the final vote in either chamber. We need to act now.
Congress needs to better protect consumers who have been left to pay higher prices for goods and services because of abuse of the bankruptcy system. Someone picks up the tab when others get out of paying their own debt. And people who can repay debts need to pull their own weight. The time has come for a bankruptcy bill.
Sen. Grassley authored S.420, the bankruptcy reform legislation passed by the Senate in March 2001 by a vote of 83 to 15. He is a senior member of the Senate Judiciary Committee.
