[Congressional Record (Bound Edition), Volume 151 (2005), Part 5]
[House]
[Page 6497]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     BANKRUPTCY REFORM LEGISLATION

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Washington (Mr. McDermott) is recognized for 5 minutes.
  Mr. McDERMOTT. Mr. Speaker, the word ``bankrupt'' as we know it today 
comes from the 16th century Italian banca rotta, which literally means 
broken bench. It refers to a legend that said when a money trader 
became insolvent, the bench or table which he used in the market was 
literally broken. The Latin root of the word includes ``corrupt'' in 
the meaning.
  The bankruptcy bill that the Republicans forced on the American 
people in this House today is as broken a bench and as corrupt a piece 
of legislation as I have seen in this House.
  Republicans are providing nothing less than money tribute of, by and 
for credit card companies; and just like the tribute demanded by the 
corrupt leaders in ancient times, this money will be extracted from the 
American people, even if it means children will go hungry.
  Do not let the Republicans mislead my colleagues for one money-
grubbing, greed-pandering minute. The Republican bill threatens single 
mothers and children who rely on child support from a spouse who files 
for bankruptcy.
  Credit card companies demanded, and the Republicans caved in, on a 
provision that says credit card debt will survive bankruptcy and 
compete on an even basis with kids and moms for the limited dollars 
left in bankruptcy. One of the Republican Members said, well, we have 
to do that. What if all the money went to the mothers and kids? Well, 
now, what kind of family values are those? They ought to go to the 
children and the mothers.
  The Republicans shout family values, but they just sold the women and 
the children down the river. Single mothers and children will have to 
fight the credit card companies in court for whatever meager assets 
remain after bankruptcy. It will not be any just division. They will 
have to go in and arm wrestle with the credit card companies to make 
sure that they get food and shelter for their kids.
  One credit card company television commercial says, ``Don't leave 
home without it.'' Maybe they can make a new commercial that says: You 
might not have home, or food, with it.
  Protecting children is more important than satisfying the insatiable 
greed of credit card companies. Any person who supports this bill 
opposes our responsibility as a Congress and as a Nation to protect our 
most vulnerable population, the children.
  The line must be drawn. The vote should have been the other way in 
this House, but the American people must know who is willing to feed 
corporate greed ahead of feeding vulnerable kids.
  My distinguished colleague, the gentlewoman from New York (Mrs. 
Maloney), had proposed an amendment which would ensure that the debtors 
make child support payments ahead of credit card payments. The 
Republicans would not even allow it to be heard in this House. They had 
their marching orders, and these orders come directly from the credit 
companies.
  Banca rotta, the bench is corrupt, the bench is broken.
  We are a Nation of laws, but we are also a Nation that legislates on 
a foundation of religious and spiritual values.

                              {time}  1645

  Nothing in Christianity or Judaism or Islam supports the concept of 
usury against the defenseless, but that is exactly what this corrupt, 
broken bench does: It pits women and children against credit card 
companies. Corporate lawyers will get their money regardless of whether 
women and children get their dinner. Shame on the credit card companies 
for demanding this, and shame on the Republican majority for caving in. 
Republicans are enslaving the American people to credit card companies.

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