…. In, “The Two Income Trap,” Warren slammed Clinton for casting a Senate vote in 2001 for a bankruptcy bill that ultimately passed in 2005. That legislation makes it more difficult for credit card customers to renegotiate their debts, even as it allows the wealthy to protect their second homes and yachts from creditors. According to a 2009 study by the Federal Reserve Bank of New York, the bankruptcy bill’s provisions changing debt payback provisions played a central role in the foreclosure crisis, as the new law forced homeowners to pay off credit card debts before paying their mortgage. “As first lady, Mrs. Clinton had been persuaded that the bill was bad for families, and she was willing to fight for her beliefs,” Warren wrote. “As New York’s newest senator, however, it seems that Hillary Clinton could not afford such a principled position. … The bill was essentially the same, but Hillary Rodham Clinton was not.” 7 cosponsors (5D, 2R): Biden, Joseph [D-DE] Carper, Thomas [D-DE] Hatch, Orrin [R-UT] Johnson, Tim [D-SD] Sessions, Jefferson “Jeff” [R-AL] Torricelli, Robert [D-NJ] Nelson, Ben [D-NE] The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress. 3/15/2001--Passed Senate amended. Bankruptcy Reform Act of 2001 Needs-Based Bankruptcy Amends Federal bankruptcy law to revamp guidelines governing dismissal or conversion of a Chapter 7 liquidation petition (complete relief in bankruptcy) to one under Chapter 11 (Reorganization) or Chapter 13 (Adjustment of Debts of an Individual with Regular Income). Allows a bankruptcy panel trustee and any party in interest to move for such dismissal or conversion (current law prohibits a party in interest from such motions). Lowers the substantial abuse standard for dismissal or conversion to one of simple abuse. Replaces the presumption in favor of granting the relief sought by the debtor with a presumption that abuse exists if the debtors current monthly income exceeds an amount determined according to specified formulae.” salon/2014/07/31/hillary_clinton_vs_elizabeth_warren_they_have_less_in_common_than_you_think_partner/ https://govtrack.us/congress/bills/107/s420#summary
Posted on: Thu, 08 Jan 2015 02:38:25 +0000