Sen. Wants Straight Up/Down Bankruptcy Vote
Breakfast, lunch and dinner with Sen. Tom Carper had its rewards for NAFCU the first day of the convention. The Delaware Democrat, a member of the Senate Banking Committee, told NAFCU representatives he is trying to convince Senate leadership to hold a vote on the so-called Schumer amendment to determine whether the credit union-backed bankruptcy reform bill could survive a final vote. "He told us he spoke with Sen. (Charles) Schumer and Sen. (Bill) Frist (Senate Majority Leader) to see if they can't get a straight up or down vote on the Schumer amendment," NAFCU lobbyist Brad Thaler told The Credit Union Journal.
Carper, who met with NAFCU representatives during a breakfast and lunch reception, then during an event sponsored by NAFCU for the senator last week, said the most likely time to vote the bankruptcy bill will be the two-week period before elections. The Schumer amendment, which would bar abortion clinic protesters from discharging any civil awards in the bankruptcy process, has held up a final vote on the bill, which has been approved by both the House and Senate.
Carper is one of the chief Democratic advocates of the bill, which would, among other things insure that corporations incorporated in Delaware are required to file for bankruptcy in the state.
The bill, long a top priority for credit unions, would also enact a means-based test for individuals filing to liquidate their debts, requiring that those with some means file to reschedule payments.