After several false starts, the Senate is expected to vote on consumer bankruptcy reform legislation this week.
On Thursday the Senate unanimously agreed to add Roth individual retirement accounts and other retirement savings to the list of assets that may not be seized by creditors. The Senate voted 52-to-47 for an amendment from Sen. Jack Reed, R-R.I., to bar credit card issuers from canceling cards of customers who pay their monthly bills in full or imposing annual fees on those customers.
The Senate tabled an amendment from Sen. Christopher J. Dodd, D-Conn., that would have barred issuers from granting cards to applicants under age 21 unless they had parental permission or could show they were financially independent.
Debate resumed Friday on amendments involving attorneys' fees, and other amendments could surface Monday. The next big hurdle will come up Tuesday, when the Senate votes on an amendment from Sen. Edward M. Kennedy, D-Mass., to raise the minimum wage. If he wins, the bill will probably be dead. If he fails, a final vote on the bankruptcy bill could take place as early as Tuesday afternoon.