Bankruptcy, Reform Bills on Sen. Lott's Priority List

Majority Leader Trent Lott on Wednesday ranked the bankruptcy and financial reform bills among the Senate's top 10 priorities this year.

Speaking at a U.S. Chamber of Commerce breakfast, the Mississippi Republican was bullish about revamping the consumer bankruptcy code. "We need to do it, and that will be high on our list of priorities," he said.

Sen. Lott was warier about the prospects for financial reform. Although Banking Committee Chairman Phil Gramm has vowed quick action, Sen. Lott said, "I snicker" over the fact that Sen. Gramm was the legislation's principal foe last year and now must establish consensus among many competing interests.

"I wish him well," Sen. Lott said. "I will support him-I hope. I have got to keep that option open."

Other issues on Sen. Lott's list include Social Security reform, broad tax cuts, increased military pay, and patients' rights. He said the government should play no role in deciding how federal retirement plan funds are invested in the stock market. A Senate task force is developing an alternative that would divert some Social Security benefits to personal savings accounts that Americans could invest on their own.

Sen. Lott predicted the impeachment trial of President Clinton would be over within two weeks and that a flurry of legislation would follow.