[Congressional Record Volume 140, Number 144 (Thursday, October 6, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: October 6, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                     BANKRUPTCY REFORM ACT OF 1994

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                               speech of

                        HON. CHARLES E. SCHUMER

                              of new york

                    in the house of representatives

                        Tuesday, October 4, 1994

  Mr. SCHUMER. Mr. Speaker, had there been a recorded vote on H.R. 
5116, the Bankruptcy Reform Act, I would have voted no on this measure. 
While I support the goals of this legislation, I have grave concerns 
about section 218 of the bill.
  Section 218, which covers single asset real estate, is meant to 
address bankruptcies for enterprises like shopping centers, malls, and 
office buildings. This language, whether advertently or inadvertently, 
poses a grave hazard to financially troubled cooperative housing.
  Mr. Speaker, I do not believe that this bill was intended to put co-
op unit owners in financially troubled co-ops out on the street. I will 
be seeking clarifying report language from the Judiciary Committee to 
that effect. In addition, if co-ops were inadvertently burdened by this 
legislation, a technical corrections bill to amend this legislation is 
warranted.

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