"The Commission report contains a number of recommendations which I intend to support and other recommendations which I believe are ill-conceived. In fact, I've already won passage by the Judiciary Committee of legislation which would implement two of the specific recommendations. One proposal aims to protect family farmers in bankruptcy. The second bill would seek to protect schools from revenue loss due to bankruptcy. Release of the Commission's formal report today, along with the subcommittee hearing I have scheduled for tomorrow and introduction of the bi-partisan consumer bankruptcy reform bill I have developed with Sen. Durbin, marks the beginning of the process of Congress reforming the bankruptcy code to strike a better balance between creditors and debtors."
Sen. Grassley serves as chairman of the Judiciary subcommittee with jurisdiction over bankruptcy policy. Sen. Richard Durbin of Illinois is the ranking member of that subcommittee, titled the Judiciary Subcommittee on Administrative Oversight and the Courts.
Sen. Grassley has scheduled a hearing of that panel for two o'clock Tuesday, October 21, to review the recommendations of the Commission.