The U.S. House overwhelmingly passed the “Industrial Bank Holding Company Act of 2007.” The bill restores the historic separation between banking and commerce, prevents branch banking by some commercially-owned ILCs, and bolsters the supervisory authorities of the FDIC as a holding company regulator. “H.R. 698,” was co-sponsored by Paul Gillmor (R-OH), Barney Frank (D-MA), and Jim Marshall (D-GA). The bill was introduced on January 29th, the subject of a hearing on April 25th, and was overwhelmingly passed by the Financial Services Committee on May 2nd. Frank, who is Chairman of the House Committee on Financial Services, said he hopes to work with the Senate to forge a compromise bill that the President can sign.
AUGUST 8, 2001 LETTER ON BEHALF OF PRESIDENT BUSH
Dear Mr. Chairman:
The Administration understands that conferees will soon begin to discuss ways to reconcile the House and Senate versions of H.R. 333, the Bankruptcy Reform Act. As an agreement on this bill develops, your consideration of the Administration’s views would be appreciated.
The Administration supports the overall goal of the bankruptcy reform legislation. The common sense reforms in these bills will curb many of the abuses of the current bankruptcy laws. However, the Administration strongly opposes the Senate-passed language regarding the homestead exemption and strongly urges the conferees to return to the bipartisan compromise language that was adopted by the last Congress.
Also, as you know, the Administration opposes Section 1310 of the House bill (which was deleted from the Senate version of the bill) because it has the potential to undercut the rule of law as it applies across international borders, with serious consequences for U.S. interests. The Administration looks forward to working with the conferees to resolve these and any other outstanding issues and secure passage of bankruptcy reform legislation.
Thank you for your consideration.
Mitchell E. Daniels, Jr. Director
The House last week named the primary conferees to serve on the House-Senate conference committee working to wrap up the bankruptcy reform legislation. The joint panel will meet in September to work out of the final details of the new bankruptcy laws which will limit the availability of Chapter 7 filings to consumers with good income. The House-named members include James Sensenbrenner (R-WI), John Conyers (D-MI), Bob Barr (R-GA), Melvin Watt (D-NC), Henry Hyde (R-IL), George Gekas (R-PA), Lamar Smith (R-TX), Steve Chabot (R-OH), Rick Boucher (D-VA) and Jerrold Nadler (D-NY). All of the conferees serve on the House Judiciary Committee. The House also named nine members from other committees to consult as conferees on limited sections of the bill. Last month, the U.S. Senate named Patrick Leahy (D-VT), Orrin Hatch (R-UT), Joseph Biden (D-DE), Edward Kennedy (D-MA), Herb Kohl (D-WI), Russell Feingold (D-WI), Charles Schumer, (D-NY), Richard Durbin (D-IL), Charles Grassley (R-IA), Jon Kyl (R-AZ), Mike DeWine (R-OH), Jeff Sessions (R-AL), and Mitch McConnell (R-KY) to serve on the House-Senate conference committee. The Senate also unanimously agreed to substitute the language of a pending House bankruptcy reform bill (H.R. 333) with that of the Senate-passed version (S.420). (CF Library 6/12/01; 7/3/01; 7/19/01)
The U.S. Senate unanimously agreed this week to substitute the language of a pending House bankruptcy reform bill (H.R. 333) with that of the Senate-passed version (S.420). The Senate then passed the reform legislation by a 82-16 vote. As a result the House-Senate conference committee has established. So far, the Senators on the committee include: Patrick Leahy (D-VT), Orrin Hatch (R-UT), Joseph Biden (D-DE), Edward Kennedy (D-MA), Herb Kohl (D-WI), Russell Feingold (D-WI), Charles Schumer, (D-NY), Richard Durbin (D-IL), Charles Grassley (R-IA), Jon Kyl (R-AZ), Mike DeWine (R-OH), Jeff Sessions (R-AL), and Mitch McConnell (R-KY). The Senate also voted to approve an amendment that calls for the GAO to track and report on the effect of the bankruptcy law two years after its enactment.
Credit card agreements may soon be fully executed online if a new federal bill becomes law. Yesterday the U.S. House overwhelmingly approved the conference report to S. 761, the ‘Electronic Signatures in Global and National Commerce Act’ (a/k/a E-SIGN), by a vote of 426-4. Its next stop is the Senate, before being sent to the White House for the President’s signature. The bill would give e-signatures and records the same legal backing as written signatures — allowing consumers to sign and seal business transactions in cyberspace, the same way they would in person. Specifically, S.761 would provide for the acceptance of electronic signatures and records in interstate commerce and, direct the Secretary of Commerce to promote the principles of this legislation overseas. The bill first introduced in May of 1999. The House approved the bill November 9, 1999 by a vote of 356-66, and the Conference Report to S.761 was filed last week.