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Update on Bankruptcy Bill
UPDATE ON THE BANKRUPTCY BILL: Anything that slows this down I am happy about. Here's the scoop from today's WaPo:
Senate Delays Action on Bankruptcy
Bipartisan Amendment Would Limit Advice By Investment Banks
A bill that would produce the biggest change in federal bankruptcy laws in more than 25 years hit a snag last night just as it appeared to be about to pass.
Senate leaders decided to postpone until today the final vote on the measure, which would make it more difficult for individuals to wipe out debt through bankruptcy. The decision was prompted in part by an amendment proposed by Paul S. Sarbanes (D-Md.), John W. Warner (R-Va.) and Patrick J. Leahy (D-Vt.) that would prohibit an investment bank that advises a company before it files for bankruptcy from continuing to advise it after the company is in bankruptcy.
Leahy, who said such arrangements are a conflict of interest, quoted from a letter from Securities and Exchange Commission Chairman William H. Donaldson saying that allowing such dual representation, which is barred under current law, "would be a mistake."
Recapping yesterday's events from WaPo
House Republican leaders have promised to take up the bill within weeks if the Senate passes it free of amendments. Senate Republican leaders appeared to be concerned last night because the House leadership had not decided whether it could agree to the investment-banker amendment if it were adopted.
Earlier yesterday, five other proposed changes to the bill were voted down, including one that would have given more protection to single mothers filing for bankruptcy and one that would have made it harder to protect expensive homes from creditors.
I find it amazing that over 45 million Americans are without healthcare and rather than dealing with problems of real Americans, Congress is obsessed with regulating steroids for superrich athletes. Inexplicably, healthcare seems to have completly dropped off the political radar, except for JK's Kid's First plan. The contrast is amazing.
"VIERA, Fla., March 9 -- Lawyers for Major League Baseball vowed Wednesday to fight efforts by a House committee to compel seven current and former players to testify at a March 17 hearing on steroids, accusing the committee of overstepping its jurisdiction and saying the decision to subpoena those players was done to "satisfy [the committee members'] prurient interest" in identifying steroid users publicly."
battlebob:
This story should make you happy. You are now stuck with Hayworth in Congress.
Rep. Hayworth won't run for Ariz. gov.
The Associated Press
Last Updated 5:54 pm PST Wednesday, March 9, 2005
PHOENIX (AP) - Rep. J.D. Hayworth, R-Ariz., announced Wednesday he will not challenge Democratic Gov. Janet Napolitano in 2006, saying he will seek another congressional term instead.
Senator Dewine should be contaced and thanked for his opposition to linking the budget and Anwar.We need every vote we can find including Mary Landrieu and Ken Salazar.
"The big fight will occur in the Senate, where the Republicans have 55 votes, four more than are needed to pass the budget. Their plan also contains language intended to open a wildlife refuge in Alaska to oil drilling - a budget maneuver that would enable President Bush's long-stalled drilling plan to pass the Senate by a simple majority, avoiding the threat of filibusters that have killed it in the past. That provision is drawing complaints from Democrats as well as some Republicans.
"I'm not particularly happy about ANWR being shoved back in there," said Senator Mike DeWine, Republican of Ohio, using the acronym (pronounced AN-war) for the Arctic National Wildlife Refuge. Mr. DeWine said he was also "concerned about Medicaid, and what impact it's going to have on the states."
Posted by: Ira at March 10, 2005 10:41 AM
Ira,
Some good news for once..
In an unofficial poll, Janet pounded Porky Pig by about 30 points.
He is safe in the House - for now.
This is from a businnes columnist in the Az Republic..
A different view of the bankruptcy bill.
http://www.azcentral.com/business/columns/articles/0310talton10.html
[snip]
The new measure will make it more difficult for debtors to file under Chapter 7, which allows for a fresh start. Instead, more people would be forced to use Chapter 13, with the bankruptcy court overseeing a five-year repayment. Unfortunately, the new law does nothing to address the aggressive marketing of credit. It also contains a loophole for wealthy debtors to shield expensive assets from the bankruptcy court. Yet another exception allows the rich to set up a trust that is protected from creditors.
Average Americans will not see such sweetheart treatment. Will they care? Polls show that middle-class Whites supported President Bush over John Kerry on the economy by a wide margin. Yet Bush's agenda is based on shifting more risk and greater costs to average Americans, while lowering regulation on business and cutting taxes for the extremely wealthy.
Posted by: Ira at March 10, 2005 10:36 AM
I agree. And it's particularly ironic that apparently, steriods are ok as long as you own the team, as Bush did with the Rangers and allegedly knew that Conseco and Palmeriero were doing steriods.
And then there's the Governator of CA...
Maybe Congress should force Herr Gropenator to testify? He can tell them how to buy and use them. Maybe with live demonstrations!
defarge:
the purpose of my post was not to justify steroids but to show where this Administration's values are. By trying to regulate steroids of 700 professional baseball players and another 700 or so football players Republicans can stand up and say see we are fixing healthcare. bunk, they are once again engaged in a publicity stunt to play up to the media how they want to stamp out dangerous substances. Meanwhile when was the last time anyone heard anything about legislation allowing our seniors to buy Canadian prescription drugs? Its easier to fix the problems for hundreds of rich athletes than to fix the healthcare system for millions of children and seniors.
Maybe we ought to use the strict father analogy and tell professionaln athletes you are grown people either take care of steroids useage yourself or suffer the health consequences. I have zero sympathy for 30 year old men who make millions destroying their own bodies with steroids. Maybe I am alone here in that thought but some how I think that stem cell research dealing with Parkinsons and Alzheimers is a little more important to this country's health than steroids. Those are my values.Dealing with steroid use is about number 100 of issues Congress should be spending its time on.
Posted by: Ira at March 10, 2005 12:46 PM
Ira,
We all agree with you...Sometimes sarcasm (mine) is not the best answer to a serious problem..
sorry about my being on a soap box today. just seems like so many impt issues are being ignored by us by being too responsive to the right wing's agenda of pandering to business' demands like class action legislation and the bankruptcy bill 24/7 rather than being proactive and being advocates for our values agenda of compassion and nurturing for our children and elderly. I am proud that JK has once again taken up the torch for healthcare. Hopefully our Democratic leaders will frame the steroid and healthcare debate as our values and priorites argument vs nurturing spoiled millionaire athletes.Maybe we should refer to the elderly and children's healthcare needs as the silent majority.
Ira--
You mean the 'muzzled majority' don't you?
KERRY-OLIPHANT JFK Forum to be broadcast on CSPAN THIS SUNDAY:
Sunday, March 13
American Politics: Sen. John Kerry (D-MA) Remarks at JFK Library
On C-SPAN at 6:30pm/9:30pm ET
Be sure to double-check the CSPAN schedule (www.cspan.org.. click on "TV Schedules") over the weekend. . CSPAN has this way of changing their schedules over the weekend. .
oops-- typos correction. I meant to write:
"CSPAN has this way of changing their schedules AT THE LAST MINUTE"