WASHINGTON - Legislation to overhaul bankruptcy laws easily passed the Senate on Thursday and is on its way to the White House, where President Clinton has promised to veto it.
The measure, a top industry priority because it would relieve creditors from shouldering most of bankrupt individuals' debt, cleared the Senate 70-28 - enough to override a veto. The President has 10 days to reject the bill. It is not clear if Congress will be in session to attempt an override.
Also Thursday, the Senate unanimously approved a bill that packages a number of banking and housing provisions, which the House had passed Tuesday.
The package includes about 20 minor regulatory relief provisions for banks and thrifts and the reinstatement of some 45 federal banking and housing regulatory reports to Congress, including the Federal Reserve Board's annual survey of bank fees and its report on the conduct of monetary policy. Additionally, the legislation would extend a deadline for new capital rules at the 12 Federal Home Loan banks by six months, to May 2001, and raise the salaries of Fed officials.
The President is expected to sign the measure into law.