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Update on the Troubled Asset Relief Program

On October 1, the Senate approved H.R. 1424 by a vote of 74-25. This bill, among other things, would allow the federal government to purchase assets blamed for the freezing credit markets. On October 3, the House approved the Senate-amended version of H.R. 1424 by a vote of 263-171. The legislation will be sent to the White House where President Bush is expected to sign the bill in the immediate future.

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Paul Kiernan Appointed Executive Partner for Holland & Knight's Mid-Atlantic Region

WASHINGTON, D.C. – Holland & Knight Managing Partner Steven Sonberg has appointed litigation partner Paul Kiernan to serve as Executive Partner of the firm's Mid-Atlantic Region, which includes offices in Washington, D.C., Bethesda, Md., and McLean, Va.

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Bankruptcy and Creditors' Rights
Newsletter - First Quarter 1999
 
In this Issue...
Recent Legislative Activities – 106th Congress
 
 December 27, 1999
 

  • The House held three days of hearings in March on the bankruptcy reform bill (H.R. 833), with more than 50 witnesses. In April, the House Judiciary Committee devoted several days to the bill, with much of the debate devoted to the means test for filing Chapter 7, the use of IRS expense standards rather than the disposable-income test and the 25% unsecured debt repayment capacity provision in Chapter 13. On April 28, 1999, the House Judiciary Committee approved the bill, as amended, 22-13.

  • The Senate is considering its version of bankruptcy reform (S. 625). The Senate bill appears also to be on a fast track. On April 27, 1999, the Senate Judiciary Committee approved the bill by a bipartisan 14-4 vote. It is expected the full Senate will consider the bill by Memorial Day.

  • Chapter 12 was extended for an additional six months to October 1, 1999, when the legislation was signed by President Clinton on March 30, 1999.

  • Representative John LaFalce (D-NY) has introduced legislation (H.R. 900) to amend the Truth in Lending Act to enhance consumer disclosures regarding credit card terms and charges, to restrict issuance of credit cards to students and to expand protections in connection with unsolicited credit cards, among other credit practices.

  • On May 4, 1999, President Clinton introduced several legislative proposals and executive orders intended to "give all Americans both the tools and the confidence they need to fully participate in a thriving but highly complex 21st century economy," stated Clinton in an afternoon press conference. Among the Administration’s proposals, the "Financial Privacy and Consumer Protection Initiative" advocates increased disclosure by the consumer credit industry. Clinton stated that some credit solicitations "contain new traps for the unwary", referring to teaser rates. The Administration will also advocate greater disclosure of interest rates, security interests, late payment fees and fees on credit advances through third-party checks, high LTV mortgages and credit card solicitations made through the Internet.