U.S. Congress approves bankruptcy overhaul bill

[RPankn]

Thu Apr 14, 2005 03:35 PM ET

WASHINGTON, April 14 (Reuters) - The U.S. Congress on Thursday approved a sweeping overhaul of bankruptcy laws, making it tougher for debt-ridden Americans to wipe out their obligations and start over.

Final passage came as the House of Representatives cleared the measure, sought for years by banks and credit card companies but which opponents say is too harsh on ordinary Americans.

The bill now goes to President George W. Bush, who is expected to sign it into law.

© Reuters 2005. All Rights Reserved.


www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=8185712

Link to roll call vote: clerk.house.gov/evs/2005/roll108.xml

Roll call of Democratic traitors:

Robert E. Andrews (NJ)
Joe Baca (CA)
Brian Baird (WA) DLC
Melissa L. Bean (NH)
Marion Berry (AR)
Sanford D. Bishop (GA)
Dan Boren (OK)
Leonard Boswell (IA)
Rick Boucher (VA)
Allen Boyd (FL)
Dennis Cardoza (CA)
Ed Case (HI) DLC
Ben Chandler (KY) DLC
Emanuel Cleaver (MO)
Jim Cooper (TN)
Jim Costa (CA)
Bud Cramer (AL)
Joseph Crowley (NY) DLC
Henry Cuellar (TX)
Artur Davis (AL) DLC
Jim Davis (FL) DLC
Lincoln Davis (TN)
Chet Edwards (TX)
Bob Etheridge (NC) DLC
Harold Ford, Jr. (TN) DLC
Charlie A. Gonzalez (TX)
Bart Gordon (TN)
Al Green (TX)
Jane Harman (CA) DLC
Stephanie Herseth (SD) DLC
Brian Higgins (NY) DLC
Ruben Hinojosa (TX)
Tim Holden (PA)
Darlene Hooley (OR) DLC
Steny Hoyer (MD)
Steve Israel (NY) DLC
William Jefferson (LA)
Ron Kind (WI) DLC
Jim Matheson (UT)
Karen McCarthy (MO)
Mike McIntyre (NC) DLC
Kendrick Meek (FL)
Gregory Meeks (NY) DLC
Charlie Melancon (LA)
Robert Menendez (NJ)
Mike Michaud (ME)
Alan B. Mollohan (WV)
Dennis Moore (KS)
Jim Moran (VA) DLC
John Murtha (PA)
Felix Ortiz (NY)
Ed Pastor (AZ)
Collin Peterson (MN)
Earl Pomeroy (ND)
David Price (NC) DLC
Nick Rahall (WV)
Sylvestre Reyes (TX)
Mike Ross (AR)
Steve Rothman (NJ)
Dutch Ruppersberger (MD)
John Salazar (CO)
Allyson Y. Schwartz (PA) DLC
David Scott (GA) DLC
John Spratt (SC)
Ted Strickland (OH)
John Tanner (TN)
Ellen Tauscher (CA) DLC
Gene Taylor (MS)
Mike Thompson (CA)
David Wu (OR) DLC
Albert Wynn (MD)

[Moses]

Other than Spratt, I see a list of bought-off Democrats-- real sleepers.

Wait a sec-- these are a list of those is AIPAC's pocket-- those who do AIPAC's bidding-- what's the connection?

[Moses]

April 15, 2005

House Passes Bankruptcy Bill; Overhaul Now Awaits President's Signature

By STEPHEN LABATON

WASHINGTON, April 14 -
....The 302-to-126 vote adopted the first significant revision of the bankruptcy laws in 27 years and is the culmination of years of intensive lobbying by the nation's largest banks, credit card companies and retailers, who have complained about what they say is a rising tide of abusive bankruptcy filings.

It is a victory for Mr. Bush, who supported the measure, and a setback for civil rights, labor and consumer organizations. They say the new law will be a huge giveaway to special interests at the expense of middle- and lower-income families.

Those groups say that abuses of the bankruptcy system are episodic, not systemic, and that the increase in filings over the last 30 years is a symptom of other societal problems, like the growing number of uninsured families facing high medical bills. They also link the increase to the sharp rise in promotion by credit card companies, banks and retailers of easy credit often accompanied by hidden and high fees.

Supporters of the legislation beat back a variety of attempts to force lenders to cut fees, expand disclosure and curtail what critics have called the abusive marketing tactics of banks and credit card companies. The supporters also fended off a series of amendments that would have curtailed what critics said were the abusive bankruptcy practices of corporations like Enron and WorldCom.

In a statement, President Bush commended the vote. "These common-sense reforms will make the system stronger and better so that more Americans - especially lower-income Americans - have greater access to credit," he said.

The Senate passed the same bill last month by a vote of 74 to 25.

When it takes effect, six months after it is signed by the president, the new law will disqualify many families from taking advantage of the more generous provisions of the current bankruptcy code, which since 1898 has permitted bankruptcy filers to extinguish their debt for a "fresh start."

In its place, the bill would impose a means test that would force many people to file for bankruptcy protection under Chapter 13, which requires a repayment plan. The means test would not be applied to debtors who earn less than the median income in their state. Those who earn more than that, and can pay at least $6,000 over five years, would have to seek protection under Chapter 13, rather than the more generous provisions of Chapter 7.

The median income for a family of four in 2003 was $65,093, ranging from $45,867 in New Mexico to $82,561 in Massachusetts, according to the United States Census Bureau.

The bill would also impose significant new costs on those seeking bankruptcy protection and give lenders and businesses new legal tools for recovering debts. It would make it more difficult for some people to try to shelter their assets through the purchase of expensive homes in states like Florida and Texas, which have homestead exemptions. It also imposes new barriers to filing a series of successive bankruptcy filings over the years.

Supporters of the measure were giddy on Thursday. The National Retail Federation issued-and then tried to rescind-a statement it had inadvertently sent out by e-mail hours before completion of the measure, applauding Congress for approving the bill.

"It feels like we've been waiting as long to pass bankruptcy reform as Washington spent trying to get baseball back in town," said Steve Pfister, the senior vice president for government relations at the retail federation. "The House hit one out of the park today. Now we're just waiting for President Bush to cross home plate by signing this bill into law."

Mr. Pfister said the legislation would lower costs for all consumers because they wind up making up the difference on the unpaid debts of those who abuse the system.

But others disagreed.

Opponents of the legislation said that the move by Congress was a harsh attack on the poorest and most needy and came just one day after the House adopted a measure of huge potential benefit to the wealthiest when it voted to eliminate the estate tax.

"The G.O.P. is practicing Robin Hood in reverse," said Representative John Conyers Jr. of Michigan, the ranking Democrat on the House Judiciary Committee. "Last night they repealed the estate tax, a gift to the wealthiest individuals in our society. Today they pushed through the special-interest bankruptcy bill, punishing the very poorest members of society. This shows all the world that all of that talk about values in the last election was just that - talk."

In fact, 73 Democrats joined the 229 Republicans in voting to approve the measure. It was opposed by 125 Democrats and Bernard Sanders of Vermont, the lone Independent in the House.

The legislation had been opposed by many bankruptcy law professors and judges who testified in recent months that it was unnecessary and would create more problems than it would solve. They said that it would impose new obstacles on many middle-income families seeking desperately needed protection from creditors, and that it would take far longer for those families to start over after suffering serious illnesses, unemployment and other calamities.

In a letter to Congress two months ago, 104 bankruptcy law professors predicted that "the deepest hardship" would "be felt in the heartland," where the filing rates are highest -Utah, Tennessee, Georgia, Nevada, Indiana, Alabama, Arkansas, Ohio, Mississippi and Idaho. A study conducted by legal and medical specialists at Harvard University of 1,771 personal bankruptcy filers in five federal courts found that about half were forced into bankruptcy because of heavy medical costs.

[Moses]

Bankruptcy to get harder, but few alternatives exist[/size]
By Andrea Coombes
Last Updated: 4/15/2005 6:27:42 PM




SAN FRANCISCO (Markethingych) -- It's highly likely that filing for bankruptcy will be a more onerous task come October, and consumers will need to look long and hard at all their options before heading to bankruptcy court.

The trouble is, debt-laden consumers don't have that many options.

Bankruptcy protection will be harder to get and less helpful once you do get it under legislation passed by Congress this week and expected to be signed by President Bush. The law is slated to go into effect six months after enactment. See related story.

But the alternatives to bankruptcy filing are few and entail navigating past some of the most nefarious scammers around.

Under the new law, debtors would have to pull together more paperwork and would likely face higher attorneys' fees. And more would have to repay a bigger chunk of their debt rather than writing most of it off. See Vital Signs on medical-debt burdens.

Of all the law's provisions, only two are consumer-friendly: protections for education and retirement savings, said Henry Sommer, president of the National Association of Consumer Bankruptcy Attorneys.

That might make bankruptcy more difficult, but once you've saddled yourself with unmanageable debt, your choices beyond the nearest bankruptcy court are slim -- and they can be dangerous.

'Fraught with peril'

From debt-settlement scams to fraudulent credit counselors, many alternatives to bankruptcy are "fraught with peril," said Travis Plunkett, legislative director with the Consumer Federation of America, which opposes the bankruptcy legislation.

"I'd much rather have somebody in the arms of a bankruptcy judge who will apply the law, a reasonable law, fairly than I would in the arms of a debt-settlement scam artist," he said.

The new law, however, may propel more consumers into scammers' arms. "Unfortunately, some people may panic and decide they can't get a fair shake in bankruptcy or can't afford it and try some of these schemes," Plunkett said.

In a recent example, the Federal Trade Commission charged three debt-settlement and credit-counseling companies with bilking consumers out of more than $100 million. Even the FTC couldn't offer foolproof advice to guide consumers to ethical operators. See full story.

The new law would require debtors go to credit counseling before filing bankruptcy -- and that requirement alone makes some bankruptcy experts nervous.

"I'm real concerned about the fraud in the market. Who's going to accredit these counselors?" said Alan Kopit, legal editor at Lawyers.com and a bankruptcy attorney based in Cleveland.

Still, he added, there are plenty of "terrific organizations. They're nonprofit, they do what they say they're going to do, they don't charge a ridiculous fee or any fee at all, and they work with [your] creditors."

Rougher ride in bankruptcy

Should the bankruptcy law pass, debtors earning more than their state's median income and able to pay a portion of their debt will be forced into filing Chapter 13, which requires a repayment plan, rather than Chapter 7, which often allows filers to wipe out a substantial portion of debt.

A consumer's ability to repay would be based on income and expenses. If that evaluation leads the court to believe the debtor can afford, say, $100 a month for 60 months, Chapter 13 would likely be mandated.

Your take on the new law depends on where you fall in the debate over bankruptcy: Are most filers trying to scam the system or are most filers honest actors who got in over their head?

Congress' stance appears to be that most consumers are getting off too easy with Chapter 7. Still, higher-earning debtors would have a chance to claim "special circumstances," which a bankruptcy judge could use as reason for allowing Chapter 7.

Offering Chapter 7 to debtors earning less than a state's median income is intended as relief for low-income Americans. But even those filers will face a greater burden under the new law: They'll have to provide detailed proof of income and expenses.

"Some people aren't going to be able to succeed," Plunkett said. "They'll be told 'until you complete your paperwork or until you can afford your attorney, sorry.' We don't know how many people that will be."

Meanwhile, those earning more than a state's median may still find themselves struggling under the Chapter 13 repayment plan, he said.

"Two-thirds of all the people who [file Chapter 13] now, who are doing so voluntarily, are failing" to meet the terms of their plans, he said.

Also, the new law will hold attorneys liable for their client's statements to some degree, and thus lawyers' fees will likely rise.

"It appears [lawyers] are going to have to know exactly what steps the proposed debtor has taken prior to making the filing," Kopit said. "The fees lawyers charge may rise because of the additional work. Any time you add complexity, the costs go up."

Currently, a debtor with a simple Chapter 7 case pays about $500.

Avoiding bankruptcy: What are the options?

Given the impending changes, what should consumers do? One piece of advice: Don't rush into bankruptcy now simply because the law is about to pass.

Bankruptcy may be right for you, but there are significant downsides, not least of which is that filings linger on credit histories for up to 10 years, making access to credit much harder.

"A lot of times people simply don't understand bankruptcy," Kopit said. "If you want to go start a business or buy a house or a car, that [bankruptcy] may affect your ability to borrow."

Borrowers may find it impossible to get a loan, or the interest rates lenders offer will be far higher than those quoted in ads.

Also, many people assume bankruptcy will wipe out all debts, but taxes, student loans and child-support payments are among the nondischargeable debts.

Before filing bankruptcy, consider the following steps:

Negotiate directly with your creditors. Try to set up a repayment plan that works for you and the lender. Lenders "are smart," Kopit said. "They know they're better off working with you than working through a bankruptcy court."

Some lenders are more willing to do this than others. It will vary by company.

One sour note: With the new law, creditors may be less likely to work with you.

"If it's harder to file bankruptcy, then you lose that leverage as a consumer," Kopit said. "A creditor is less likely to work with you."

Go to a reputable credit-counseling service. This will be required should the law pass, but either way it can make good financial sense, as long as you find an agency that's willing to counsel you on your overall financial picture.

Walk out if the company attempts to push a product on you before hearing your story. Ask for references and call them. And check with the local Better Business Bureau, and your state's attorney general's office or consumer affairs department about possible complaints.

Unfortunately, credit counseling is not as beneficial as it used to be, because creditors aren't as generous with their repayment plans, said Plunkett, of the Consumer Federation of America.

"The benefits of credit counseling are not nearly as extensive as they used to be," Plunkett said.

Consolidate your debt. This was easier done in years past, when more companies offered low-rate consolidation loans. Nowadays, most consumers consolidate by transferring their credit-card balances to one lower-rate card, or by taking out a home-equity credit line.

The worry there: Make sure you can pay the loan off. That's especially key with a home-equity line of credit, where not paying means you could lose your house.

Debt settlement? Tread very carefully. In most cases, these companies' offers are too good to be true, though some industry experts say there are some honest operators.

Also, debt settlement, during which you don't pay your bills while the company aims to strike a lower balance with your creditors, is likely to leave your credit record in shambles, at least in the short term.

Said Plunkett: "We urge consumers to avoid debt-settlement firms, period."


Copyright ©2005 Markethingych, Inc.

[Moses]

What America Is Saying…

About the Bankruptcy Bill

April 15, 2005

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which passed in the Senate on March 10, contains a number of provisions that are helpful to the credit card industry but harmful to ordinary Americans. In the future, individuals who are deeply in debt due to a medical or financial crisis will not be able to enter the protection of Chapter 7 bankruptcy, under which their debt would be erased. Instead, they will be forced to declare bankruptcy under Chapter 13, meaning that they are required to pay back their debt in increments. This change would eliminate the chance for a fresh start after a family emergency, such as extended unemployment or a serious illness. Here is a sample of what America is saying about the bankruptcy bill:

St. Louis, Missouri - St. Louis Post-Dispatch
April 11, 2005 – Letter to the Editor


"As an attorney in Granite City who represents people forced to file for bankruptcy, I can tell you these are not people who are looking to beat the system. Overwhelmingly, American families file for bankruptcy because they have been driven there -- largely by medical and economic catastrophe -- not because they want to go there.

"Faced with declining real wages, job insecurity, long-term unemployment and rising health care costs, American families have turned to all-too-available and increasingly expensive 'easy' credit. Rather than addressing the reasons people in this area get lured into steep debt, the Senate's measure instead will siphon more money away from these families and put it into the deep pockets of the credit card industry, which last year raked in profits of $30 billion, much of it from increasing penalty fees and sky-high interest charges."


Santa Fe, New Mexico - The Santa Fe New Mexican
April 5, 2005 – Letter to the Editor


"The U.S. Senate is poised to pass sweeping bankruptcy legislation that will make it significantly more difficult for ordinary people to gain protection from creditors in the event of a catastrophic family event.

"No longer will our primary residences be exempt from creditors. Instead, if we're unfortunate enough to suffer injury or illness that prevents us from working, the 'compassionate conservatives' in Congress believe it's just fine for our creditors to seize our homes and toss us out on the street."


Boise, Idaho - The Idaho Statesman
April 12, 2005 – Letter to the Editor


"Currently, 70 percent of the people who file Chapter 13 bankruptcy are unable to complete their original repayment plan.... When creditors become willing to work with consumers to get debts repaid in a realistic and compassionate manner, rather than through strong-arm tactics, we can achieve the dual goal of reducing bankruptcy rates and helping creditors collect more of what is owed them."


Pittsburgh, Pennsylvania - Pittsburgh Post-Gazette
April 11, 2005 – Letter to the Editor <br>

"I have been waiting and waiting and waiting for someone to point out the sheer audacity of President Bush siding with the creditors (who themselves could use several lessons in sound business management) and making it more difficult for debtors, in a debt-driven society, to attain help with their debt, all the while running up a deficit that is increasing by billions and billions of dollars."


San Francisco, California - The San Francisco Chronicle
April 10, 2005 - Editorial


"The bill would make it harder for debtors to file for bankruptcy under Chapter 7, and push more debtors -- it targets those who earn more than a state's median income -- into Chapter 13, which has tougher repayment standards. That sounds fair enough -- except that the Senate wasn't interested in making banks act more responsibly by dispensing with venal lending practices, such as lending money to people who have just filed bankruptcy and enticing college students with easy credit.

"Consider this: The Senate rejected a measure to cap credit-card interest rates at 30 percent. Now, I ask, why should Washington want to protect lenders, who charge desperate people as much as 36 percent in per annum interest?"


Shreveport, Louisiana - The Times
April 6, 2005 – Editorial


"Most bankruptcies result from medical emergencies, job loss or divorce, but Republican politicians apparently don't care. Working people can't afford to get sick in Bush's America and they face employment outsourcing and ever-growing economic insecurity because of his policies. Now they are discouraged from filing for bankruptcy even when their devastating debt is no fault of their own....

"Credit card companies made $30 billion in profits last year. Republicans think that's not enough, so they shot down a Democratic amendment which would have excluded active duty troops and Iraqi combat veterans from the bill's stringent requirements. So much for those 'We support the troops' bumper stickers."


Durham, North Carolina - The Herald-Sun
April 7, 2005 – Letter to the Editor


"Congress is wrong in making it harder for people to file for bankruptcy, most experts agree. As a divorce attorney for nearly 20 years, I've witnessed the trauma both husbands and wives experience in a divorce. No one files because it's fun. People file because they have real financial problems.

"The recently passed bankruptcy bill will have unintended consequences of hurting people who are in debt through no fault of their own. In bad marriages, it's common to see debt incurred secretly by one spouse. Often spouses incur large amounts of debt and their husbands and wives don't know it....

"At least before there was some way to help the deceived spouse. Under this new legislation, both spouses will be stuck with the remittance of the failed marriage forever. Besides, we shouldn't be protecting credit card companies before innocent people."

 <br>



www.americanprogress.org

© Center for American Progress

[Moses]

US lenders seen benefiting most from bankruptcy law

Thu Apr 14, 2005 05:39 PM ET
By Aleksandrs Rozens

NEW YORK, April 14 (Reuters) - The overhaul of U.S. bankruptcy laws approved on Thursday by Congress will likely cut costs for credit card companies and bolster profits, but may provide little benefit to consumers, industry observers said.

Proponents of bankruptcy reform, including credit card issuers, have argued that bad debt management by a small group of consumers has run up costs for others who pay their bills on time and that changing the laws could eventually lower costs for consumers.

"It may reduce costs for financial institutions, but I doubt it means lower charges for consumers," said Hugh Johnson, chief investment officer at Johnson Illington Advisors. "I understand the theory (that the new law) means lower costs and lower costs may mean lower financing charges to borrowers. But I seriously doubt that's the way it will play out."

Allen Grommet, senior economist at Cambridge Credit, agreed. "It seems unlikely they (credit card companies) will easily pass on all of the extra profits they get in the form lower costs" to consumers."

The new law, which makes it tougher for U.S. residents to file for Chapter 7 bankruptcy and have their debt absolved, could help reduce costs related to late payments and defaults because lenders will be able to more readily recover money they loaned out.

Last year, credit card issuers like banks, MBNA and American Express as well as Discover, saw more than $35 billion in charge-offs -- industry parlance for unpaid credit card debt that is accounted for as a loss.

Being able to collect outstanding credit card debt more readily means card companies will be setting aside less money for bad or late loans.

"It will certainly help credit card issuers," said David Robertson, publisher of Nilson Report, which tracks the industry. "It is a windfall for the credit card industry."

So, "even if they save 10 percent that is another $3.5 billion that goes to the bottom line," said Robertson.

Analysts said in the near-term credit card companies could see a rise in problem debt because some consumers may rush to file for bankruptcy protection ahead of the actual law's implementation.

"There is some risk that we may see an increase in the level of bankruptcy filings during the time between when the law is passed and ultimately enacted into law," said Kenneth Bruce, analyst at Merrill Lynch & Co.

Credit card industry observers also noted that it was tough to tell how soon the new bankruptcy laws would add to companies' bottom line because the amount of unpaid debt that can be recovered is uncertain.

"Many people fall into bankruptcy because of medical costs, loss of jobs and divorce," said Grommet. "Those (reasons) are the ones that really mess up finances ... and when people get to that point I don't know these companies will be able to extract that much more."

[Moses]

News Released: April 16, 2005

Law Firm Criticizes Congressional Approval of Bankruptcy Bill[/size]


(PRLEAP.COM) NEW YORK, NY April 16, 2005 As Congress passed a bill that would prohibit tens of thousands of Americans from filing bankruptcy, Manhattan personal injury law firm Weitz & Luxenberg reacted with criticism of the bill and concern for its clients and the thousands of other Americans faced with staggering medical bills.

Supporters of the bill, formally known as S. 256, claim that gamblers, deadbeat dads looking to skip out on child support payments, and binge shoppers often seek refuge in declaring bankruptcy to avoid paying their debts.

The bill’s opponents and Weitz & Luxenberg are gravely concerned that instead of helping the average American family, this bill will instead bring great harm to the economically vulnerable. In House debate, Rep. Alcee Hastings, D-Fla, claimed the bill “protects the credit industry at the expense of the consumer,” and that “it will drive more Americans deeper into financial crisis and weaken the nation’s economy and social structure.” Weitz & Luxenberg fears the bill’s impact on single working mothers, minorities, the elderly, and Americans faced with large medical bills from diseases like asbestos-related cancers and recalled drugs like Vioxx and Bextra may be devastating. The bill would remove a much needed safety net from these individuals, as well as from those who have lost their jobs or are in danger of doing so.

The bill, which President Bush is eager to sign, will take effect 180 days after it is signed, and will affect many of the 1,613,097 Americans who have filed for bankruptcy this year. Under the bill’s provisions, most individuals who would now qualify to file under Chapter 7 will in the future be required to file under Chapter 13 and work out a plan to repay their creditors.

People who are concerned about the bankruptcy bill may read the bill’s contents on Weitz & Luxenberg’s corporate website, www.weitzlux.com/bankruptcy/billpassed2005_965.html.

#####

For: Weitz & Luxenberg, PC
Contact:
David Kufeld, Director of Marketing
Weitz & Luxenberg, PC
180 Maiden Lane, New York, NY 10038
[phone] – phone
[phone] - fax
[e-mail]
www.weitzlux.com

[Moses]

These were the Democratic Senators who were aggressive in their support of the bankruptcy bill:

Biden (D-DE), Yea
Byrd (D-WV), Yea
Carper (D-DE), Yea
Conrad (D-ND), Yea
Johnson (D-SD), Yea
Kohl (D-WI), Yea
Landrieu (D-LA), Yea
Lieberman (D-CT), Yea
Lincoln (D-AR), Yea
Nelson (D-FL), Yea
Nelson (D-NE), Yea
Pryor (D-AR), Yea
Salazar (D-CO), Yea
Stabenow (D-MI), Yea

Cloture vote to get bankruptcy bill vote:
(http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00029#position)

Thread w/ voting FOR bankruptcy bill and AGAINST minimum wage hike

[Moses]

What excuse do the "New Democrats" have for this horrific betrayal of their constituencies?

[Moses]

Moveon.org PAC to run ads targeting Democratic leader in House Steny Hoyer

rawstory.com/exclusives/byrne/moveon_attacks_hoyer_415.htm


MoveOn.org PAC will run sharp radio ads attack against the Democrats' number two in the House, Democratic Whip, Steny Hoyer (D-MD) along with ten Republican congressmembers, RAW STORY has learned. The ads will be made available tonight.

The attack marks a new strategy for the group, which in the past has abetted campaigns of Democratic candidates.

The issue, it seems, is Hoyer's vote on the bankruptcy bill, and what MoveOn sees as Hoyer's failure to bring the party together against the bill. The bill has been mired in Congress for years, and a significant share of Democrats have always supported it.

Progressives, particularly online bloggers, see the bankruptcy bill as a gift to the financial services industry. Democrats supporting the bill say it wasn't what they would have passed were they in the majority, but that there were many good aspects and protections for low-income voters. Those opposing the bill disagree.

RAW STORY is expected to speak shortly with a spokesperson for MoveOn.org, and has placed calls to the House Democratic leadership, including Rep. Hoyer.

DEVELOPING HARD... THE PRESS RELEASE FOR THE CAMPAIGN FOLLOWS

###


MoveOn PAC


For Immediate Release Contact: Jessica Smith, Trevor FitzGibbon,
Friday, April 15, 2005 Fenton Communications, 202-822-5200


STENY HOYER & GOP REPS TARGETED
IN RADIO AD CAMPAIGN

VOTES FOR BANKRUPTCY BILL CALLED WAR ON THE MIDDLE CLASS & BONANZA FOR CREDIT CARD COS.

Ads to Run in Districts of 10 Rs & Democratic Whip

MoveOn PAC announced that it will begin airing a radio ad campaign in the Congressional districts of House Democratic Whip, Steny Hoyer (MD) and 10 Republican members of Congress who voted for a bankruptcy bill yesterday that would hurt middle class families. The bankruptcy bill is the latest in a series of Republican initiatives to benefit corporate special interests and the super-rich at the expense of middle- and lower-income American families.

"Our ad campaign will serve notice to politicians in both parties, that when they masquerade as populist friends of the middle class but vote the other way, weíll be there to hold them accountable," said Tom Matzzie, MoveOn PACís Washington Director.

"Democrats need to be united in their opposition to bills like this that attack hardworking Americans. This is especially true for Steny Hoyer, the Democratic Whip, who has a good record on most issues, but should have stood up against the credit card companies and been a leader in his party. Democrats should be the defender of the middle class. Every time they defend the middle class values against Republican assaults, they'll inspire people to vote for them; give them hope that the political process is worth engaging in; which means they will win national elections," Matzzie continued.

"When Republicans legislate in Washington for corporate special interests at the expense of working families, weíll be there to blow the whistle at home," Matzzie concluded.

MoveOn PAC will run radio spots in the districts of the following ten Republican congressman: Marilyn Musgrave (CO), Katherine Harris (FL), Jim Nussle (IA) [Chair of Budget committee- elected to balance the budget but has voted for tax cuts for rich and huge military budget], Chris Chocola (IN), Jim Hostettler (IN), Mike Sodrel (IN), Charles Taylor (NC), Heather Wilson (NM), Thelma Drake (VA) and Randy Kuhl (NY). The ads criticize Members of Congress for being friendlier to the banks and other companies that issue credit cards than they are to the majority of their constituents.

Audio of the ad will be available at www.moveonpac.org/bankruptcyads after 8:00 p.m. ET today. A script of the ad follows.

# # #

SAMPLE:"Bankruptcy Radio" -Steny Hoyer
(Note: the ad will be adapted to the specific districts where they run.)

MoveOn PAC

:60 Radio

They worked hard. They had health insurance.

Then a medical emergency and the bills started to pile up. Now they're facing bankruptcy.

Last year, half the personal bankruptcies in America were ordinary working people with extraordinary medical debt.

You'd think Congress would've helped them.

You'd think Steny Hoyer would've helped them. Think again.

Steny Hoyer just voted for a bankruptcy law practically written by the credit card companies. Steny Hoyer got $333,000 in contributions from those companies.

This new law won't make it tougher for corporate giants like Enron and WorldCom. But the law will burden decent, hard-working people with more debt.

Face it. The credit card companies sure have a friend in Steny Hoyer.

Do you?

Call Steny Hoyer at 301-474-0119.

Paid for by MoveOn PAC, www.moveonpac.org. Not authorized by any candidate or candidateís committee. MoveOn PAC is responsible for the content of this advertisement.

Article originally published Apr. 15, 2005.

[Moses]

Bush polls lower than an re-elected President

Is making things easier for aggressive userers the act of the party of "people of faith"?

[Moses]

Congress rushed to help these poor banks fatten their profits even MORE than 75%? The banks needed congressional help because...?



Charlotte Business Journal - 9:26 AM EDT Monday

BofA quarterly earnings up 75%

Bank of America Corp. reports first-quarter net income of $4.69 billion, or $1.14 per diluted share, a 75% increase from earnings of $2.68 billion, or 91 cents per diluted share, in the first quarter of 2004.


Excluding $112 million in merger and restructuring charges, the Charlotte-based bank (NYSE:BAC) earned $1.16 per share for the quarter.

Analysts had, on average, forecast earnings of 97 cents per share.

BofA attributes the increase in net income to its $48 billion acquisition of FleetBoston Financial Corp. in April 2004, lower credit costs, securities gains and consumer banking growth.

Revenue grew 47% to $14.22 billion from $9.7 billion.

Net interest income was $8.07 billion, up from $5.97 billion in the first quarter of last year.

Noninterest income grew to $6.15 billion from $3.73 billion.

During the latest quarter, BofA realized $659 million in securities gains, up from $495 million in the year-ago period.

"I am very pleased with the continued momentum of our businesses," says Ken Lewis, chief executive. "We saw the strongest commercial loan growth in many quarters across our company and deposit growth continues to be robust."

In the first quarter, BofA added 759,000 savings and 610,000 checking accounts, both records, and 1.3 million credit-card accounts.


© 2005 American City Business Journals Inc.