WASHINGTON -- Bankruptcy reform legislation, a high priority for the banking industry, took a major step forward Monday with a decision by the House leadership to schedule a vote for today.
"We anticipate House action by Tuesday, and we expect the Senate to pass it on Wednesday, said Phil Corwin, lobbyist for the American Bankers Association.
The House is voting under procedures reserved for noncontroversial measures, and the bill is expected to pass without difficulty.
A major concern for the ABA is to protect the bill from extraneous amendments that lawmakers are trying to attach in the final hours of the congressional session.
"We'll be contacting all senators and telling them that this bill will be messed up by any amendments," Mr. Corwin said. "If it's amended, it will be killed."
The measure has been batted back and forth between the House and Senate, leaving only minor differences to be worked out.
"This is still a very good bill," said Mr. Corwin. "Right now we're making sure there are no problems on the Senate side."
Among the sticking points remaining Monday afternoon was an amendment that would give owners of commercial real estate 90 days to reorganize in bankruptcy proceedings.
Bank lobbyists want properties with values as high as $10 million covered, up from $2 million in the bill now.
Another measure of interest to bankers, the "national treatment" bill, has already fallen victim to delays.
The bill would permit the U.S. to retaliate against banks from countries that discriminate against U.S. institutions.
Sen. Bob Graham, D-Fla., is trying to attach a number of amendments dealing with foreign banks, which are important to his home state.
"We're holding this bill at the desk to see if we can pass it this late," said a Senate Banking Committee aide.
"It could be very difficult because senators are looking for a moving vehicle."
The Fair Credit Reporting Act is also facing trouble from peripheral amendments. According to Andy Vermilye, legislative director for Sen. Richard Bryan, D-Nev., the biggest threat comes from Sen. Phil Gramm, R-Tex., who is trying to tack on an amendment dealing with Texas home equity loans.
