[Congressional Record (Bound Edition), Volume 147 (2001), Part 3]
[Senate]
[Pages 3398-3399]
[From the U.S. Government Publishing Office, www.gpo.gov]



                   AMENDMENTS SUBMITTED AND PROPOSED

       SA 35. Mr. WELLSTONE proposed an amendment to the bill S. 
     420, to amend title II, United States Code, and for other 
     purposes.
       SA 36. Mr. WELLSTONE proposed an amendment to the bill S. 
     420, supra.
       SA 37. Mr. WELLSTONE proposed an amendment to the bill S. 
     420, supra.
       SA 38. Mr. KENNEDY (for himself, Mr. Rockefeller, and Mrs. 
     Clinton) proposed an amendment to the bill S. 420, supra.
       SA 39. Mr. KENNEDY proposed an amendment to the bill S. 
     420, supra.
       SA 40. Mrs. CARNAHAN submitted an amendment intended to be 
     proposed by her to the bill S. 420, supra; which was ordered 
     to lie on the table.
       SA 41. Mr. LEAHY proposed an amendment to the bill S. 420, 
     supra.

                           Text of Amendments

  SA 35. Mr. WELLSTONE proposed an amendment to the bill S. 420, to 
amend title II, United States Code, and for other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. __. DUTIES WITH RESPECT TO A DEBTOR WHO IS A PLAN 
                   ADMINISTRATOR OF AN EMPLOYEE BENEFIT PLAN.

       (a) In General.--Section 521(a) of title 11, United States 
     Code, as so designated by section 106(d) of this Act, is 
     amended--
       (1) in paragraph (4), by striking ``and'' at the end;
       (2) in paragraph (5), by striking the period at the end and 
     inserting ``; and''; and
       (3) by adding at the end the following:
       ``(6) unless a trustee is serving in the case, if at the 
     time of filing, the debtor, served as the administrator (as 
     defined in section 3 of the Employee Retirement Income 
     Security Act of 1974 (29 U.S.C. 1002)) of an employee benefit 
     plan, continue to perform the obligations required of the 
     administrator.''.
       (b) Duties of Trustees.--Section 704(a) of title 11, United 
     States Code, as so designated and otherwise amended by this 
     Act, is amended--
       (1) in paragraph (10), by striking ``and'' at the end;
       (2) in paragraph (11), by striking the period at the end 
     and inserting ``; and''; and
       (3) by adding at the end the following:
       ``(12) where, at the time of the time of the commencement 
     of the case, the debtor served as the administrator (as 
     defined in section 3 of the Employee Retirement Income 
     Security Act of 1974 (29 U.S.C. 1002)) of an employee benefit 
     plan, continue to perform the obligations required of the 
     administrator;''.
       (c) Conforming Amendment.--Section 1106(a) of title 11, 
     United States Code, is amended by striking paragraph (1) and 
     inserting the following:
       ``(1) perform the duties of the trustee, as specified in 
     paragraphs (2), (5), (7), (8), (9), (10), (11), and (12) of 
     section 704;''.
       Amend the table of contents accordingly.
                                  ____

  SA 36. Mr. WELLSTONE proposed an amendment to the bill S. 420, to 
amend title II, United States Code, and for other purposes; as follows:

       At the end of subtitle A of title II, add the following:

     SEC. 204. DISALLOWANCE OF CERTAIN CLAIMS; PROHIBITION OF 
                   COERCIVE DEBT COLLECTION PRACTICES.

       (a) In General.--Section 502(b) of title 11, United States 
     Code, is amended--
       (1) in paragraph (8), by striking ``or'' at the end;
       (2) in paragraph (9), by striking the period at the end and 
     inserting ``; or''; and
       (3) by adding at the end of the following:
       ``(10) such claim arises from a transaction--
       ``(A) that is--
       ``(i) a consumer credit transaction;
       ``(ii) a transaction, for a fee--

       ``(I) in which the deposit of a personal check is deferred; 
     or
       ``(II) that consists of a credit and a right to a future 
     debit to a personal deposit account; or

       ``(iii) a transaction secured by a motor vehicle or the 
     title to a motor vehicle; and
       ``(B) in which the annual percentage rate (as determined in 
     accordance with section 107 of the Truth in Lending Act) 
     exceeds 100 percent.''.
       (b) Unfair Debt Collection Practices.--
       (1) In general.--Section 808 of the Fair Debt Collection 
     Practices Act (15 U.S.C. 1692f) is amended--
       (A) in the first sentence, by striking ``A debt collector'' 
     and inserting the following:
       ``(a) In General.--A debt collector''; and
       (B) by adding at the end the following:
       ``(b) Coercive Debt Collection Practices.--
       ``(1) In general.--It shall be unlawful for any person 
     (including a debt collector or a creditor) who, for a fee, 
     defers deposit of a personal check or who makes a loan in 
     exchange for a personal check or electronic access to a 
     personal deposit account--
       ``(A) to threaten to use or use the criminal justice 
     process to collect on the personal check or on the loan;
       ``(B) to threaten to use or use any process to seek a civil 
     penalty if the personal check is returned for insufficient 
     funds; or
       ``(C) to threaten to use or use any civil process to 
     collect on the personal check or the loan that is not 
     generally available to creditors to collect on loans in 
     default.
       ``(2) Civil liability.--Any person who violates this 
     section shall be liable to the same extent and in the same 
     manner as a debt collector is liable under section 813 for 
     failure to comply with a provision of this title.''.
       (2) Conforming amendment.--Section 803(6) of the Fair Debt 
     Collection Practices Act (15 U.S.C. 1692a(6)) is amended by 
     striking ``808(6)'' and inserting ``808(a)(6)''.
       On page 253, line 15, insert ``as amended by this Act,'' 
     after ``Code,''.

       On page 253, line 16, strike ``period'' and insert 
     ``semicolon''.
       Amend the table of contents accordingly.
                                  ____

  SA 37. Mr. WELLSTONE proposed an amendment to the bill S. 420, to 
amend title II, United States Code, and for other purposes; as follows:

       At the appropriate place, insert the following:

     SEC. __. DETERMINATION OF ELIGIBILITY FOR TRADE ADJUSTMENT 
                   ASSISTANCE IN CASES INVOLVING TACONITE PELLETS.

       For purposes of determining, under section 222 or 250 of 
     the Trade Act of 1974 (19 U.S.C. 2272 and 2331), the 
     eligibility of a group of workers for adjustment assistance 
     under chapter 2 of title II of the Trade Act of 1974, 
     increased imports of semifinished steel slabs shall be 
     considered to be articles like or directly competitive with 
     taconite pellets.
                                  ____

  SA 38. Mr. KENNEDY (for himself, Mr. Rockefeller, and Mrs. Clinton) 
proposed an amendment to the bill S. 420, to amend title II, United 
States Code, and for other purposes; as follows:

       On page 10 between lines 17 and 18, insert the following:
       ``(V) In addition, if the debtor does not have health 
     insurance benefits, the debtor's monthly expenses shall 
     include an allowance to purchase a health insurance policy 
     for the debtor, the dependents of the debtor, and the spouse 
     of the debtor in a joint case if the spouse is not otherwise 
     a dependent.
                                  ____

  SA 39. Mr. KENNEDY proposed an amendment to the bill S. 420, to amend 
title II, United States Code, and for other purposes; as follows:

       Beginning on page 101, line 10, strike all through page 
     102, line 2.





  Mr. JEFFORDS. Mr. President, the amendment before us is the 
continuation of a debate that began in 1999. The bankruptcy bill 
contains a provision that would place a $1 million cap on voluntary 
contributions in an IRA owned by a bankrupt debtor. While this 
provision is aimed at the same problem as the ``homestead exemption 
cap,'' it misses the mark. IRAs already have a cap on voluntary 
contributions of $2,000 per year so it is impossible to ``stuff'' 
significant funds into an IRA in advance of filing for bankruptcy. In 
fact, the annual $2,000 contribution limits are generally viewed as 
being too low. In order to accumulate $1 million in voluntary $2,000 
contributions, it would take roughly 40 years, even with a 10% rate of 
return.
  I believe that this $1 million cap is practically impossible to 
administer. The cap does not apply to rollover funds from a pension 
plan. There are thousands of rollover IRAs in excess of $1 million. As 
Baby Boomers retire and take lump sum distributions from retirement 
plans, the number of $1 million IRAs will skyrocket.
  However, tax law does not require that IRA rollover accounts be 
separated from voluntary tax-deductible IRA contributions. The 
principal and interest in these accounts is also co-mingled. But, in 
order to satisfy orders from Bankruptcy Courts to disgorge assets in 
co-mingled accounts, IRA Administrators will be forced to engage in 
costly and time consuming audits of the accounts to distinguish the 
funds.
  I am most concerned, however, about the impact of this amendment on 
rollovers from retirement plans. Last year, we were successful in 
preventing the bankruptcy bill from the unprecedented breaching of the 
anti-alienation provisions of ERISA. The $1 million cap on IRAs will 
discourage retirement savings and pension portability by introducing 
uncertainty in the system. It will encourage individuals who change 
jobs to simply take the cash and spend it, rather than roll their funds 
into an IRA that would no longer be completely inviolate.

[[Page 3399]]

  For all the potential harm that this provision of the bill would do, 
its benefits are only theoretical at some point in the future. I 
believe that the cost of this provision is too high and I urge my 
colleagues to support the amendment to strike Section 224(e) of the 
bill
                                  ____

  SA 40. Mrs. CARNAHAN submitted an amendment intended to be proposed 
by her to the bill S. 420, to amend title II, United States Code, and 
for other purposes; which was ordered to lie on the table; as follows:

       On page 10, between lines 17 and 18, insert the following:
       ``(V) In addition, if it is demonstrated that it is 
     reasonable and necessary, the debtor's monthly expenses may 
     also include an additional allowance for housing and 
     utilities, in excess of the allowance specified by the Local 
     Standards for housing and utilities issued by the Internal 
     Revenue Service, based on the actual expenses for home energy 
     costs, if the debtor provides documentation of such expenses.
                                  ____

  SA 41. Mr. LEAHY proposed an amendment to the bill S. 420, to amend 
title II, United States Code, and for other purposes; as follows:

       On page 124, between lines 10 and 11, insert the following:

     SEC. 233. PROHIBITION ON DISCLOSURE OF IDENTITY OF MINOR 
                   CHILDREN.

       (a) Prohibition.--Chapter 1 of title 11, United States 
     Code, is amended by adding after section 111, as added by 
     this Act, the following:

     ``Sec. 112. Prohibition on disclosure of identity of minor 
       children

       ``In a case under this title, the debtor may be required to 
     provide information regarding a minor child involved in 
     matters under this title, but may not be required to disclose 
     in the public records in the case the name of such minor 
     child.''.
       (b) Clerical Amendment.--The table of sections for chapter 
     1 of title 11, United States Code, is amended by adding at 
     the end the following:

``112. Prohibition on disclosure of identity of minor children.''.

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