[Congressional Record Volume 151, Number 21 (Tuesday, March 1, 2005)]
[Senate]
[Pages S1814-S1815]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           BANKRUPTCY REFORM

  Mr. REID. Mr. President, the bankruptcy bill which will shortly be on 
the floor is a very important piece of legislation. It embodies a 
principle I agree with: Those who have the means to repay their debts 
should be required to do so. I believe--I am old-fashioned--that people 
who borrow money should pay it back.
  I supported the bill before, most recently in 2001. I hope to be able 
to support it again. But a lot has happened in the 4 years since the 
hearings were held on this bill in addition to the one hearing that was 
held 2 or 3 weeks ago.

[[Page S1815]]

There is new evidence--a lot of evidence--about who declares 
bankruptcy. Medical catastrophes: About half the people who file for 
bankruptcy file them because of medical emergencies. Also, extended 
military duty has caused havoc for people who are in the Guard and 
Reserve, in the State of Nevada especially.
  Then, of course, we have the corporate bankruptcies of 2002 and 2003. 
We still have one of the criminal trials going on with Enron today. The 
chief executive officer of that company is testifying for the second 
day. WorldCom was another corporate bankruptcy that created a lot of 
attention. I believe it should change how we look at bankruptcy.
  There are things that have occurred since we last took this piece of 
legislation up when it passed the Senate overwhelmingly, as I recall 
with 82 votes. Again, there have been medical emergencies, extended 
military duty, and corporate bankruptcies. These corporate bankruptcies 
have left employees without pensions.

  Finally, we need to address the ongoing problem of violence. People 
are trying to say this is an abortion amendment. It is not an abortion 
amendment. It is about holding individuals who believe they are above 
the law accountable for their actions when they break the law in a 
number of instances. I invite everyone to read the amendment. For 
example, if people commit illegal acts in protest of a clinic that is 
engaged in lawful research on animals, then they need to be held 
accountable for their actions. They cannot simply discharge their debts 
through bankruptcy proceedings because they disagree with the law that 
they violated. The same holds true for individuals terrorizing 
reproductive health care clinics and doctors by engaging in violence. 
All we are saying is these people who commit these acts and break the 
law should not be able to discharge these debts in bankruptcy.
  This amendment is not about abortion. It deals with a number of 
different scenarios where individuals who have broken the law try to 
discharge their debts through bankruptcy proceedings because they 
disagree with the law. So I hope people will look at these amendments 
on the merits of the amendments. People have tried to say this is an 
abortion amendment. It is not. I would hope people would look favorably 
on some of the amendments we offer dealing with corporate bankruptcies, 
dealing with pensions, dealing with medical catastrophes, and extended 
military duty.
  We have the opportunity to have a good, sound, firm debate and send a 
bill to the House that takes into consideration the new matters that 
have appeared since we last passed this bill.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mrs. HUTCHISON. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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