A group of senior financial industry executives sent a letter Tuesday to every member of Congress urging them to support an overhaul of consumer bankruptcy laws.
"The bankruptcy system must be reformed to ensure that individuals receive only the amount of debt relief they need, no more and no less," the 25 officials wrote.
The executives asked lawmakers to support the Responsible Borrower Protection Bankruptcy Act of 1997, which was introduced last week by Reps. Bill McCollum, R-Fla., and Rick Boucher, D-Va. The bill would require insolvent consumers with large incomes to repay part of their debts.
Signers included Beneficial Corp. chairman Finn M.W. Caspersen, Household International chairman William F. Aldinger, Capital One president Nigel W. Morris, Citibank South Dakota president Thomas W. Jones, and Key Bank U.S.A. chairman Jay Meyerson.