What: All Issues : Government Checks on Corporate Power : Banks/Credit Card Companies : HR 975. Bankruptcy Reform/Vote to Require Bankrupt Corporations to File for Bankruptcy Protection in the District Court with Jurisdiction Over the Corporation's Principle Place of Business.
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HR 975. Bankruptcy Reform/Vote to Require Bankrupt Corporations to File for Bankruptcy Protection in the District Court with Jurisdiction Over the Corporation's Principle Place of Business.
house Roll Call 71     Mar 19, 2003
Y = Conservative
N = Progressive
Winning Side:
Conservative

Republicans had tried for several years to pass an overhaul of the nation's bankruptcy laws. They felt the laws made it too easy for debtors to file for bankruptcy under Chapter 7, which protects many assets from confiscation. They proposed a bill with a means test that required those with more assets to file under the less protective Chapter 13. Progressives, on the other hand, felt that bankruptcy reform mainly benefited credit card companies, and that these companies should become better at assessing credit risk and not encourage individuals to go deeply into debt. As part of the debate on this bill, Sherman (D-CA) proposed an amendment that would require a corporation filing for bankruptcy to do so in the district court with jurisdiction over the corporation's principal place of business. Progressives supported this amendment to prevent "venue shopping," where corporations file in the court most friendly to their claims and make it difficult for those they did business with in their community to attend court hearings. But the amendment was rejected, 155-269.

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