| This vote was on final passage of an overhaul to federal bankruptcy law (H.R. 975), which was being pushed by the country�s biggest banks and credit card companies. This punitive measure dismissed the fact that nearly all bankruptcies are the result of illness, job loss or divorces � not abuse by borrowers. The bill would take discretion away from judges to take into account a debtor�s level of responsibility or the cause of their financial problems. It imposes standards for declaring bankruptcy that do not take into account individual family needs for expenses like shelter, food and transportation. It also does nothing to rein in credit card promotions and excessive interest rate practices that burden vulnerable working families. Passed: 315 Yea to 113 Nay. |