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April 15, 2005
Bad Bankruptcy bill goes to President Bush
As expected, the House approved the Bankruptcy Reform legislation and sent it to President Bush, who has stated that he will sign it promptly. The amendments will go into effect in six months.
This previous post sets forth my reservations about this legislation, so they will not be restated here, except to point out that this is special interest-driven legislation that modifies an underappreciated bankruptcy system that contributes much to the strength of the American economic system. The "fresh start" of a bankruptcy discharge encourages entrepreneurs to take risk and create businesses and jobs, and gives individuals hope that they can rebound from a financial disaster to rebuild wealth for their families. Accordingly, making that remedy more expensive and more restrictive to individuals is not a step in the right direction.
Posted by Tom at April 15, 2005 05:10 AM
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