The Lobbying Battle over Bankruptcy Reform

The Lobbying Battle over Bankruptcy Reform: "The Lobbying Battle over Bankruptcy Reform By: Courtney Mabeus, CapitalEye Published: Thu, 3 Mar 2005 Fresh from their successful effort to pass class action reform, Senate Republicans are hoping they have enough momentum to push through legislation that would make it more difficult for consumers to escape from debt by filing for bankruptcy. Financial interests, which have led a years-long effort to toughen bankruptcy laws, scored a small victory last month when the Senate Judiciary Committee approved bankruptcy legislation on a 12-5 vote. But as the Senate debates the bill this week, a coalition of consumer advocates, labor unions and others is working to ensure that the measure�s passage is far from certain. Bankruptcy legislation has failed twice in the past seven years. In 2002, Democrats doomed the bill by inserting language to prohibit abortion clinic protesters from filing for bankruptcy to escape court-imposed fines. Sen. Charles Schumer (D-N.Y.) has vowed that he will try to include the abortion provision again. Democrats also may try to attach an amendment to raise the minimum wage by $2.10 over the next 26 months, a move that Republicans say they will resist. With its expanded majority in the House and Senate following the 2004 elections, the GOP may finally get its way. The bill�s backers include some of the biggest contributors in politics. Finance, insurance and real estate interests combined for more than $306 million in individual and political action committee contributions during the 2004 election... "

The Daily Times - News - 03/04/2005 - Bankruptcy bill nears approval in Senate

The Daily Times - News - 03/04/2005 - Bankruptcy bill nears approval in Senate: "Bankruptcy bill nears approval in Senate 03/04/2005 WASHINGTON (AP) -- The Republican-controlled Senate refused to limit consumer interest rates at 30 percent Thursday as it moved methodically toward passage of legislation making it harder to shed personal debts in bankruptcy. The vote was a bipartisan 74-24 to scuttle an amendment by Sen. Mark Dayton, D-Minn., who said consumers must pay interest rates as high as 1,059 percent when they borrow money.'That goes way beyond what we call predatory lending. That is terroristic lending,' he said. But Sen. Orrin Hatch, R-Utah, said Dayton�s proposal would pre-empt state laws, including those that fix an interest rate ceiling below 30 percent.'There's no reason to touch the state..."

S. 5, Class Action Fairness Act of 2005

S. 5, Class Action Fairness Act of 2005: "Class Action Fairness Act of 2005 As reported by the Senate Committee on the Judiciary on February 3, 2005 S. 5 would expand the types of class-action lawsuits that would be initially heard in federal district courts and would provide guidelines for the award of attorney's fees in certain types of settlements. CBO estimates that implementing the bill would cost the federal district courts about $7 million a year, subject to appropriation of the necessary funds. Enacting the bill would not affect direct spending or revenues. S. 5 contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would impose no costs on state, local, or tribal governments .S. 5 would impose private-sector mandates, as defined in UMRA, but CBO estimates that the direct cost of those mandates would fall below the annual threshold established by UMRA ($123 million in 2005, adjusted annually for inflation). Under S. 5, most class-action lawsuits would be heard in a federal district court rather than a state court. Therefore, CBO estimates that the bill would impose additional costs on the federal district court system. While the number of cases that would be filed in federal court under this bill is uncertain, CBO expects that a few hundred additional cases would be heard in federal court each year. According to the Administrative Office of the United States Courts, class-action lawsuits tried in federal court cost the government, on average, about $23,000. That figure includes salaries and benefits for clerks, rent, utilities, and associated overhead expenses but excludes the costs of the salaries and benefits of judges. CBO estimates that implementing S. 5 would cost about $7 million annually. CBO also estimates that enacting this bill coul"

MSNBC - Globe-circling pilot heads for U.S. coast

MSNBC - GlobalFlyer pilot heads for U.S. coast: "Globe-circling pilot heads for U.S. coast Fossett on target to complete flight by mid-day Thursday GlobalFlyer mission controllers in Kansas communicate Wednesday with solo pilot Steve Fossett, seen in a cockpit view displayed on a giant screen in the background. MSNBC staff and news service reports Updated: 8:23 a.m. ET March 3, 2005SALINA, Kansas -- - Shrugging off fuel glitches, millionaire adventurer Steve Fossett was headed for the U.S. coastline Thursday morning, with his goal of completing the first solo, round-the-world nonstop flight without refueling clearly in reach. advertisement Despite uncertainty over how much fuel was left in his aircraft, Fossett decided late Wednesday to risk a long crossing across the Pacific Ocean in pursuit of history. 'Let's go for it,' he told his Kansas mission control, according to project director Paul Moore. An apparent problem in the fuel systems of the Virgin Atlantic GlobalFlyer had prompted him to consider "