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E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 106 CONGRESS, SECOND SESSION Vol. 146 WASHINGTON, TUESDAY, JUNE 20, 2000 No. 78 Senate The Senate met at 9:10 a.m. and was RECOGNITION OF THE ACTING The PRESIDING OFFICER. Under called to order by the President pro MAJORITY LEADER the rule, the bill will be placed on the tempore [Mr. THURMOND]. The PRESIDING OFFICER. The able calendar. acting majority leader is recognized. Mr. GRASSLEY. I thank the Pre- PRAYER siding Officer. The Chaplain, Dr. Lloyd John f The PRESIDING OFFICER. Under Ogilvie, offered the following prayer: SCHEDULE the previous order, the Senator from Lord of history, together we accept Iowa is recognized to speak for up to 10 the unique role You have given our Na- Mr. GRASSLEY. Mr. President, I minutes. tion in the family of nations. We praise have an announcement on behalf of the f You for Your truth spelled out in the leader. Following my statement, the Bill of Rights and our Constitution. Senate will resume consideration of BANKRUPTCY REFORM Help us not to take for granted the the Department of Defense authoriza- Mr. GRASSLEY. Mr. President, I rise freedoms we enjoy. May a fresh burst tion bill. Under the order, Senator this morning to speak on the topic of of praise for Your providential care of DODD will be recognized to offer his bankruptcy reform. As many of my col- our Nation give us renewed patriotism. amendment regarding the Cuba com- leagues may know, Congress is on the Keep us close to You and open to each mission, with up to 2 hours of debate. verge of enacting fundamental bank- other as we perform the sacred tasks of At approximately 11:30 a.m., Senator ruptcy reform. Earlier this year, the our work in the Senate today. MURRAY will be recognized to begin de- Senate passed bankruptcy reform by an Gracious God, thank You for this mo- bate on her amendment regarding abor- overwhelming vote of 83±14. Almost all ment of prayer in which we can affirm tion. Republicans voted for the bill and our unity. Thank You for giving us all As usual, the Senate will recess for about one-half of the Democrats voted the same calling: to express our love the weekly party conferences from for it as well. Despite this, a tiny mi- for You by faithful service to our Na- 12:30 p.m. to 2:15 p.m. today. At 3:15 nority of Senators are using undemo- tion. So much of our time is spent de- p.m., there will be up to four stacked cratic tactics to prevent us from going bating differences that we often forget votes, beginning with the Murray to conference with the House of Rep- the bond of unity that binds us to- amendment, to be followed by the resentatives. gether. We are one in our belief in You, Hatch and Kennedy hate crimes As I'm speaking now, the House and the ultimate and only Sovereign of this amendment and the Dodd amendment. Senate have informally agreed on 99 Nation. You are the magnetic and ma- I thank my colleagues for their at- percent of all the issues and have draft- jestic Lord of all who draws us out of tention. ed an agreement which has bicameral pride and self-centeredness to worship f and bipartisan support. The remaining You together. We find each other as we three issues are sort of side shows, and praise You with one heart and express MEASURE PLACED ON I'm confident we'll be able to move our gratitude with one voice. In the CALENDARÐS. 2752 from the one yard line to the end zone. unity of the Spirit and the bond of My remarks this morning relate the peace. Amen. Mr. GRASSLEY. Mr. President, on behalf of the leader, I ask for a second agreement we've reached on the core f reading of the bill that I understand is bankruptcy issues and the continuing PLEDGE OF ALLEGIANCE at the desk. need for bankruptcy reform. As I've stated before on the Senate The Honorable GEORGE V. VOINOVICH, The PRESIDING OFFICER. The floor, every bankruptcy filed in Amer- a Senator from the State of Ohio, led clerk will report. ica creates upward pressure on interest the Pledge of Allegiance, as follows: The legislative clerk read as follows: rates and prices for goods and services. A bill (S. 2752) to amend the North Korea I pledge allegiance to the Flag of the The more bankruptcies filed, the great- United States of America, and to the Repub- Threat Reduction Act of 1999 to enhance con- lic for which it stands, one nation under God, gressional oversight of nuclear transfers to er the upward pressure. I know that indivisible, with liberty and justice for all. North Korea, and to prohibit the assumption some of our more liberal colleagues are f by the United States Government of liability trying to stir up opposition to bank- for nuclear accidents that may occur at nu- ruptcy reform by denying this point RESERVATION OF LEADER TIME clear reactors provided to North Korea. and saying that tightening bankruptcy THE PRESIDING OFFICER (Mr. Mr. GRASSLEY. Mr. President, I ob- laws only helps lenders be more profit- VOINOVICH). Under the previous order, ject to further proceedings on this bill able. This just isn't true. Even the the leadership time is reserved. at this time. Clinton administration's own Treasury ∑ This ``bullet'' symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. S5383 . VerDate 11-MAY-2000 02:54 Jun 21, 2000 Jkt 079060 PO 00000 Frm 00001 Fmt 4624 Sfmt 0634 E:\CR\FM\A20JN6.000 pfrm12 PsN: S20PT1 S5384 CONGRESSIONAL RECORD Ð SENATE June 20, 2000 Secretary Larry Summers indicated warned against making only minimum Time fails to mention the massive that bankruptcies tend to drive up in- payments, and there will be an example new consumer protections in our bank- terest rates. Mr. President, if you be- to drive this point home. As with the ruptcy reform bill. Time fails to men- lieve Secretary Summers, bankruptcies Senate-passed bill, the bicameral tion the new disclosure requirements are everyone's problem. Regular hard- agreement will give consumers a toll- on credit cards regarding interest rates working Americans have to pay higher free phone number to call where they and minimum payments. In short, the prices for goods and services as a result can get information about how long it Time article fails to tell the whole of bankruptcies. That's a compelling will take to pay off their own credit truth. I think that the American peo- reason for us to enact bankruptcy re- card balances if they make only the ple deserve the whole truth. form during this Congress. minimum payments. This new informa- The truth is that these bankruptcies Of course, any bankruptcy reform tion will truly educate consumers and represent a clear and present danger to bill must preserve a fresh start for peo- improve the financial literacy of mil- America's small businesses. Growth ple who have been overwhelmed by lions of American consumers. among small businesses is one of the medical debts or sudden, unforeseen The bicameral agreement also makes primary engines of our economic suc- emergencies. That's why the bill that chapter 12 of the Bankruptcy Code per- cess. passed the SenateÐas well as the final manent. This means that America's The truth is bankruptcies hurt real bicameral agreementÐallows for the family farms are guaranteed the abil- people. Sometimes that will be inevi- full, 100 percent deductibility of med- ity to reorganize as our farm economy table. But it's not fair to permit people ical expenses. This is according to the continues to be weak. As we all know who can repay to skip out on their nonpartisan, unbiased General Ac- from our recent debate on emergency debts. I think most people, including counting Office. Bankruptcy reform farm aid, while prices have rebounded most of us in Congress, have a basic must be fair, and the bicameral agree- somewhat, farmers in my home State sense of fairness that tells us bank- ment on bankruptcy preserves fair ac- of Iowa and across the Nation are get- ruptcy reform is needed to restore bal- cess to bankruptcy for people truly in ting some of the lowest prices every for ance. Let me share what my constitu- need. pork, corn, and soybeans. And fuel ents are telling me. These are good times in our Nation. prices have shot up through the roof. I ask unanimous consent to have Thanks to the fiscal discipline initi- The bicameral agreement broadens the some of their comments printed in the ated by Congress, and the hard work of definition of ``family farmer'' and per- RECORD. the American people, we have a bal- mits farmers in chapter 12 to avoid There being no objection, the mate- anced budget and budget surplus. Un- crushing capital gains taxes when sell- rial was ordered to be printed in the employment is low, we have a bur- ing farm assets to generate cash flow. RECORD, as follows: geoning stock market and most Ameri- It would be highly irresponsible of my WHAT REAL PEOPLE ARE SAYING ABOUT cans are optimistic about the future. liberal friends to continue blocking BANKRUPTCY REFORM But in the midst of this incredible bankruptcy protections for our family ``The present [bankruptcy laws] are a joke prosperity, about 11¤2 million Ameri- farmers in this time of need.

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