Magazine article Business Credit

Government Affairs on the Move

Magazine article Business Credit

Government Affairs on the Move

Article excerpt

At this point in the middle of the Congressional recess, most observers believe that the prospects for the enactment of a bankruptcy bill continue to appear bleak. However, the NACM Government Relations team remains staunchly committed to passage of the bill and continues its efforts toward that end. We were able to attend both the Republican and Democratic conventions over the past several weeks and can report that this issue was continually raised during our meetings with key leaders in both parties. We believe that there is a desire by Congressional leaders to move this legislation this year despite the dire predictions from other interests. We believe that the bill still has a solid chance of being enacted.

During the conventions and again in Washington, there is growing pressure on the Administration and Congress by the financial services lobby to move the bill. The Administration has sent some of its principal lobbyists to the Hill over the past 40 days in an effort to reach a compromise. There is a real concern that if the House goes Democratic next year, there will be no bankruptcy bill that the financial services community could support. The Administration would like a victory in this area before it retires and most of the Senate leadership supports it as well. …

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