Bankruptcy Reform Bill: Make or Break Opportunity

Bankruptcy Reform Bill: Make or Break Opportunity
An April 23 Senate-House conference on bankruptcy reform legislation (H.R. 333) represents a "make or break opportunity" for House Judiciary Committee Chairman James Sensenbrenner (R-Wis.) to move the legislation forward, congressional and industry sources told BNA April 22. "There are only two ways a conference can go," a Sensenbrenner spokesman told BNA. "You either have a deal or you don't have a deal. Right now, we have no deal. But we're very close." Sources told that Sensenbrenner will seek votes on a number of matters that remain unresolved between the two sides. Although a conference may accomplish its work in more than one way, Sensenbrenner is expected to offer "amendments" to resolve these remaining issues and allow conference members votes to modify them further. Staff negotiations have resulted in some 50 less critical issues being resolved already. These issues have been classified as "off the table," leaving conference members to focus solely on the most controversial aspects of the legislation. "There is tremendous pressure on Sensenbrenner to make progress," a House source told. "Tomorrow's meeting is being viewed as a critical indication of whether Congress will produce a bankruptcy bill this session or not."

Bankruptcy Reform Bill: Make or Break Opportunity

An April 23 Senate-House conference on bankruptcy reform legislation (H.R. 333) represents a "make or break opportunity" for House Judiciary Committee Chairman James Sensenbrenner (R-Wis.) to move the legislation forward, congressional and industry sources told BNA April 22.

"There are only two ways a conference can go," a Sensenbrenner spokesman told BNA. "You either have a deal or you don't have a deal. Right now, we have no deal. But we're very close."

Sources told that Sensenbrenner will seek votes on a number of matters that remain unresolved between the two sides. Although a conference may accomplish its work in more than one way, Sensenbrenner is expected to offer "amendments" to resolve these remaining issues and allow conference members votes to modify them further.

Staff negotiations have resulted in some 50 less critical issues being resolved already. These issues have been classified as "off the table," leaving conference members to focus solely on the most controversial aspects of the legislation.

"There is tremendous pressure on Sensenbrenner to make progress," a House source told. "Tomorrow's meeting is being viewed as a critical indication of whether Congress will produce a bankruptcy bill this session or not."