Disgrace:

President Signs Bankruptcy Abuse Prevention, Consumer Protection Act



President George W. Bush (R) signs into law S.256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Wednesday, April 20, 2005, at the Eisenhower Executive Office Building. Culminating an eight-year effort to reform the laws, S.256 makes it harder for people to wipe out their debts after liquidating assets. Watching on, from left are: Senator Tom Carper, D-Del.; Congressman Steve Chabot, R-Ohio; House Speaker Dennis Hastert, R-Ill.; Congressman James “Jim” Sensenbrenner, Jr., R-Wis., Chairman of the Judiciary Committee; Senator Charles Grassley, R-Iowa, chairman of the Finance Committee; Senator Mitch McConnell, R-Ky.; Majority Whip Senator Orrin Hatch, R-Utah, and Congressman Rick Boucher, D-Va. White House photo by Paul Morse

There is no consumer protection. The sponsors of the bill rejected amendments that would inform borrowers of costs, and cap interest rates at 30%.


posted by Quiddity at 4/20/2005 05:56:00 PM