Bankruptcy Bill Reintroduced in the Senate; Specter Plans Early Action
Senate Judiciary Chairman Arlen Specter (R–Pa.) said yesterday he might schedule a markup as early as this month on the bankruptcy bill, CongressDaily reported. Specter said he had considered moving the bill through the committee next Thursday. He later suggested marking it up on a different date—perhaps later this month—in order to accommodate Democrats’ request for hearings on the legislation.
The bipartisan bill, introduced this week by Finance Chairman Charles Grassley (R–Iowa), is similar to bankruptcy legislation that passed the House last year, but stalled in the Senate amid controversy over Democratic-favored abortion language. Grassley has said he expects the bankruptcy legislation to be one of the first bills considered by the Senate this year.
The Summary & Status of S.256 are available online and the full text of the legislation begins in the third column of the Congressional Record.
On Class Action, House Leaders Pledge to Follow Senate
House sponsors of class-action legislation said yesterday they will accept a Senate compromise version if it passes without amendments, CongressDaily reported. “We are going to watch very closely what the Senate does,” Rep. Bob Goodlatte (R–Va.) said during a briefing. “If they produce a good, strong bill, we hope that will expedite the process of passing the legislation on to the president of the United States.” Goodlatte said the House “stands ready to move its own legislation” if the Senate modifies the compromise bill with nongermane or “killer” germane amendments, the newswire reported. President Bush identified the bill in Wednesday night’s State of the Union address as a priority.
Yesterday (Feb. 3), the Senate Judiciary Committee approved a clean bill by a 13–5 vote, though Committee Chairman Arlen Specter (R–Pa.) said he plans to support a controversial floor amendment by Sen. Jeff Bingaman (D–N.M.) that would make it easier for federal judges to certify a class based on state consumer laws. The U.S. Chamber of Commerce views the amendment as a deal-breaker and predicted they could defeat it on the Senate floor.
Asbestos Bill Still on Track for Early Action?
Asbestos legislation could be marked up next week and be on the Senate floor before the Easter recess, Senate Judiciary hairman Arlen Specter (R–Pa.) said today, CongressDaily reported. Specter said he has talked to Majority Leader Bill Frist (R–Tenn.) about a floor vote either immediately before or after the break. Specter said he has satisfactorily answered questions about how a proposed asbestos trust fund would treat victims exposed to both asbestos and silica—the subject of a Judiciary Committee hearing on Wednesday. He plans by next Thursday to complete legislative language in a bill that has been circulated as a draft with key details left blank.
Group Aims to Change Sarbanes-Oxley Governance Law
Financial Services Roundtable President Steve Bartlett said on Wednesday thathis group is likely to push for amendments this year to the Sarbanes-Oxley corporate governance law, in order to change the balance between enforcement and regulation, CongressDaily reported. “We’re an organization that believes that technical amendments to Sarbanes-Oxley will be required,” said Bartlett, whose group has designated SEC enforcement and regulation as one of its top policy priorities this year.
Committee Agenda for 2005 Annual Spring Meeting
Don’t miss the 2005 Annual Spring Meeting in Washington, D.C., April 28–May 1. The Legislation Committee will hear from congressional staff on the status of pending bills in the new 109th Congress. The impact of the budget problems on the administration of the courts will also be discussed.