I SAY TO MY COLLEAGUE, SENATOR FEINGOLD AND MY CLOGE, SENATOR
           HARKIN AND I'D SAY TO T. TO MY COLLEAGUE, SENATOR KENNEDY IF HE
           WAS ON THE FLOOR, THIS IS THE ULTIMATE REFORM ISSUE. WE'RE
           TALKING ABOUT PEOPLE, MAINLY WOMEN, MAINLY SENIOR CITIZENS,
           MAINLY WORKING INCOME, MAINLY LOW-INCOME PEOPLE WITHOUT MUCH
           CLOUT WHO ARE COMPLETELY ROLLED BY THIS BILL. NOW WE FIND OUT
           ALL ABOUT THE PENSION GRAB. NOW WE FIND OUT ABOUT ALL SORTS OF
           OTHER PROVISIONS THAT ARE EGREGIOUS THAT I DON'T HAVE TIME TO

           SUMMARIZE THAT I SUMMARIZED YESTERDAY. NOW WE FIND OUT THAT --
           THAT GIVEN WHERE THIS BILL IS GOING IN CONFERENCE, IT'S GOING
           TO EVEN BE MORE HARSH TOWARD THE MOST VULNERABLE CITIZENS IN
           THIS COUNTRY. BUT IT WON'T -- WE WON'T -- IT WON'T SEE THE
           LIGHT OF DAY. IT WILL GET TUCKED INTO AN UNRELATED CONFERENCE
           REPORT. MR. PRESIDENT, I JUST WOULD SIMPLY LIKE TO SAY TO
           COLLEAGUES, WE DO INTEND TO SPEAK OUT ON THIS. I HOPE THE
           PRESIDENT WILL MAKE IT CLEAR THAT HE'LL VETO THIS BILL. IT'S
           TOO HARSH. THERE ARE TOO MANY EGREGIOUS PROVISIONS. AND RIGHT
           NOW WE'RE NOT CONDUCTING OUR BUSINESS THE WAY WE OUGHT TO AS

           UNITED STATES -- AS THE UNITED STATES SENATE. I YIELD THE
           FLOOR.
           

           THE PRESIDING OFFICER: THE SENATOR FROM IOWA IS RECOGNIZED FOR
           SEVEN MINUTES.
           

           MR. HARKIN: MR. PRESIDENT, I WANT TO THANK SENATOR KENNEDY AND
           OTHERS FOR GETTING THIS TIME TO TALK ABOUT THIS SO-CALLED
           BANKRUPTCY BILL. I -- I MUST AT THE OUTSET ADMIT THAT DUE TO
           THE PRESS OF BUSINESS AROUND HERE -- AND I'M NOT ON THAT
           COMMITTEE THAT FORMULATED THIS BILL -- I HADN'T REALLY LOOKED
           AT IT IN-DEPTH. A LOT OF PEOPLE THAT I ADMIRE AND HAVE RESPECT
           FOR SUPPORTED THE BILL AND SO I SUPPORTED A COUPLE OF
           AMENDMENTS. WHEN THE BILL FINALLY PASSED, I HAD SOME QUALMS

           ABOUT IT, SO I VOTED AGAINST IT. BUT I HADN'T REALLY DELVED
           INTOIT IN VERY MUCH DEPTH. UNTIL A WEEK AGO -- LAST WEEK, WHEN
           "TIME" MAGAZINE CAME OUT WITH ONE OF THE LONGEST STORIES I'VE
           EVER SEEN "TIME" MAGAZINE DO. IT'S BEEN MENTIONED BY THE
           PREVIOUS PRO SPEAKERS. IT'S CALLED "SOAKED BY CONGRESS
           CONGRESS." SEVERAL -- 12 PAGES OR MORE LONG. AND I READ IT. AND
           WHEN I READ IT, SOME MEMORIES STARTED COMING BACK TO ME OF MY
           DAYS WHEN I WAS A LEGAL AID LAWYER BEFORE COMING TO CONGRESS.

           AND THINKING ABOUT THE PEOPLE THAT WE REPRESENTED AT THE LOW
           END OF THE ECONOMIC SPECTRUM WHO COULD NOT AFFORD TO GET A --
           ANOTHER ATTORNEY FROM A PRIVATE LAW FIRM. AND THE PEOPLE THAT
           WE TOOK THROUGH BANKRUPTCY. I MEAN, THESE WERE PEOPLE AT WIT'S
           END. I REMEMBER THEM. THEY HAD -- USUALLY IT WAS A WOMAN WITH A
           COUPLE OF CHILDREN, HUSBAND TOOK OFF, ILLNESS IN THE FAMILY,
           RACKED UP A LOT OF BILLS, AND SHE HAD NOWHERE TO GO. AT THAT
           TIME IN IOWA WE WERE ALL -- ALL -- ALSO DEBATING A BILL IN THE

           IOWA LEGISLATURE TO LIMIT THE AMOUNT OF INTEREST RATES THAT
           COULD BE CHARGED ON A CREDIT CARD. AND THE IOWA LEGISLATURE, IN
           FACT, AT THAT TIME PASSED A LIMIT OF 15%. AND IT DIDN'T HURT
           THE STATE THE AT ALL. BUT I -- I REMEMBERED THAT READING THIS
           ARTICLE, BECAUSE WHEN YOU HEARD THE DEBATE OUT HERE ON THE
           BANKRUPTCY BILL, YOU WOULD THINK THAT THESE ARE PEOPLE THAT ARE
           OUT LIVING HIGH ON THE HOG, THEY'RE GOING TO THE BEST
           RESTAURANTS, THEY'RE TAKING FOREIGN VACATIONS, THEY'RE DRIVING

           MERCEDES BENZ CARS AND B.M.W.'S B.M.W.'S, THEY'VE GOT BEAUTIFUL
           HOMES AND STUFF, AND ALL OF A SUDDEN THEY DECIDE THAT THEY'VE
           BEEN LIVING THE LIFE OF RILEY AND THEY DON'T WANT TO PAY THE
           DUE SO THEY GO INTO BANKRUPTCY COURT. THAT IS THE IMAGE OF THE
           AVERAGE PERSON FILING BANKRUPTCY THAT CAME OUT HERE ON THE
           SENATE FLOOR DURING THAT DEBATE. A VERY, VERY BAD
           MISREPRESENTATION. AS THE "TIME" MAGAZINE ARTICLE POINTED OUT,

           THE MEDIAN CHARACTERISTICS OF A PERSON DECLARING CHAPTER 7
           BANKRUPTCY -- GROSS INCOME, $22,00 A YEAR. GROSS. REPORTED
           EXPENSES -- $20,592. TOTAL DEBT -- $42,000. OF WHICH
           MISCELLANEOUS DEBT, MEDICAL BILLS IS ABOUT $10,000 AND
           UNSECURED DEBT AND CREDIT CARD ABOUT $23,000, SECURED DEBT
           ABOUT $9,000. AND THE OTHER THING THAT I REMEMBERED FROM MY
           DAYS AS A LEGAL AID LAWYER, MOST OF THE PEOPLE GOING INTO
           BANKRUPTCY WERE WOMEN. AND GUESS WHAT?

           HASN'T CHANGED. AS THE "TIME" MAGAZINE ARTICLE POINTS OUT,
           497,000 WOMEN FILED FOR BANKRUPTCY LAST YEAR COMPARED TO ONLY
           367,000 MEN. AND WHAT ARE THE REASONS?
           51% BECAUSE OF A JOB LOSS. 46% BECAUSE OF MEDICAL REASONS
           REASONS. 19% BECAUSE OF A FAMILY BREAKUP. THE REASON THAT ADDS
           UP TO MORE THAN 100% BECAUSE PEOPLE SAID WELL, I LOST MY JOB
           AND MY FAMILY BROKE UP. THAT'S WHY PEOPLE ARE GOING INTO
           BANKRUPTCY COURT TODAY. NOT BECAUSE THEY'VE BEEN LIVING HIGH ON

           THE HOG AND THEY'RE OUT THERE TRYING TO GET AWAY WITH IT. WE
           HEARD STATEMENTS MADE ON THE FLOOR THAT, WELL, BANKRUPTCY ISN'T
           AS SHAMEFUL AS IT USED TO BE. I BEG TO DIFFER. MOST OF THE
           PEOPLE WHO GO INTO BANKRUPTCY COURT ARE EMBARRASSED. THEY ARE
           ASHAMED. I REMEMBER THEM FROM MY DAYS AS A LEGAL AID LAWYER.
           BUT THEY FELL ON HARD TIMES, THE INTEREST CHARGES KEEP PILING
           UP AND PILING UP AND PILING UP AND THEY CAN NEVER GET AHEAD OF

           IT. AND THEY HAVE KIDS  CARE FOR AND THEY HAVE GOT EXPENSES
           THAT THEY HAVE TO DO JUST TO KEEP CARE OF THEIR FAMILIES.
           THAT'S WHO'S GOING INTO BANKRUPTCY COURT. NOT BECAUSE THEY'RE
           LIVING HIGH ON THE HOG. BUT AS THE "TIME" MAGAZINE POINTED OUT
           -- AND THE REAL DEVIOUSNESS OF THIS BILL, WHAT'S REALLY BAD IS
           THAT, FOR EXAMPLE, IT POINTED OUT THAT A -- AN INDIVIDUAL WHO
           HAD MADE MILLIONS OF DOLLARS SORT OF SCAMMING THE SYSTEM ON

           INVESTMENTS -- VILLA. HIS NAME IS MR. VILLA, JAMES VILLA.
           42-YEAR-OLD ONE-TIME STOCKBROKER LIVES IN A $1.4 MILLION HOME
           IN BOCA RATON. THEY CONTRASTED HIM TO 73-YEAR-OLD ALLEN SMITH,
           A RETIRED AUTO WORKER WITH THROAT CANCER LIVES IN AN $80,000
           HOME IN WILMINGTON, DELAWARE. WELL, THEY GO THROUGH THE WHOLE
           STORY. I DON'T HAVE THE TIME. IT THIS WILL BE PRINTED IN THE
           RECORD. YOU CAN READ IT. BUT VILLA PROFITED HANDSOMELY. HE

           BOUGHT FERRARIS, HE BOUGHT A $22,000 ROLEX WATCH FOR HIS WIFE,
           A THREE-CARAT $44,000 WEDDING RING, $9,000 DIAMOND REAR RINGS.
           IN OCTOBER 1998, MASSACHUSETTS SECURITY AUTHORITIES RULED THAT
           HE HAD BEEN ENGAGING IN FRAUDULENT AND UNETHICAL PRACTICES.
           THEY REVOKED THEIR BROKER DEALER REGISTRATIONS. HE PACKS UP,
           MOVES TO FLORIDA, TAKES HIS MONEY, BUYS THIS HUGE $1.4 MILLION
           HOUSE. AND GUESS WHAT?
           IT'S BEYOND THE REACH OF HIS CREDITORS THANKS TO 9 HOMESTEAD
           EXEMPTION IN FLORIDA. BUT HOW ABOUT 73-YEAR-OLD ALLEN SMITH IN
           WILMINGTON, DELAWARE?

           SERVED IN WORLD WAR II, WORKED HARD ALL HIS LIFE, AUTO MECHANIC AND GUESS WHAT?
           HE LOST HIS JOB, THEN HIS WORLD STARTED FALLING APART AND NOW
           HE HAS CANCER. HE'S FILED CHAPTER 13 AND NOW THEY CAN TAKE HIS
           HOUSE AWAY FROM HIM.
           

           THE PRESIDING OFFICER: THE SENATOR'S TIME HAS EXPIRED.
           

           MR. HARKIN: THIS BILL IS NOT ONLY BAD IT'S GETTING WORSE, AND

           IT'S GOT TO BE STOPPED. MR. FEINGOLD: MR. PRESIDENT?
           
           

           THE PRESIDING OFFICER: THE SENATOR FROM WISCONSIN.
           

           MR. FEINGOLD: MR. PRESIDENT, HOW MUCH TIME DO SENATORS KENNEDY
           AND WELLSTONE HAVE REMAINING?
           
           

           THE PRESIDING OFFICER: SENATOR KENNEDY HAS FIVE MINUTES
           REMAINING.
           

           MR. FEINGOLD: MR. PRESIDENT, I ASK UNANIMOUS CONSENT THAT I BE
           YIELDED SENATOR KENNEDY'S TIME.
           

           THE PRESIDING OFFICER: WITHOUT OBJECTION, SO ORDERED.
           

           MR. FEINGOLD: THANK YOU, MR. PRESIDENT. I'M PLEASED TO JOIN MY
           COLLEAGUES ON THE FLOOR THIS MORNING TO TALK ABOUT THE
           BANKRUPTCY BILL. WE NEED TO TALK ABOUT THIS BILL BECAUSE WHAT
           IS NOW GOING ON IS THAT THOSE WHO DESPERATELY WANT TO PASS THIS
           BILL ARE ACTING IN SECRET TO TRY TO AVOID THE PUBLIC SCRUTINY
           THAT MIGHT LEAD TO SOME CHANGES IN THE BILL AND THAT WOULD
           ACTUALLY BENEFIT AVERAGE PEOPLE. AND IT'S A BILL THAT GETS
           WORSE THE MORE YOU LOOK AT IT. I AM DISTURBED BY REPORTS THAT
           THE FINAL BILL WILL LOOK A LOT MORE LIKE THE HOUSE-PASSED BILL
           THAN THE BILL THAT PASSED HERE IN THE SENATE. BUT IT DOESN'T

           REALLY SURPRISE ME THAT THIS IS HAPPENING. SINCE THIS IS A BILL
           THAT BEING WORKED OUT BEHIND CLOSED DOORS AND IS, THEREFORE,
           MUCH MORE LIKELY TO FAVOR POWERFUL FINANCIAL INTERESTS. THIS
           BILL I'M AFRAID WILL REPRESENT THE KIND OF EXCESS THAT YOU GET
           IN LEGISLATION WHEN ONE SIDE IS DUMPING MONEY INTO THE PROCESS
           AND THE OTHER SIDE ISN'T OR CAN'T. "COMMON CAUSE" JUST PUT OUT
           A STUNNING REPORT RECENTLY ON THE AMOUNTS OF MONEY THAT THE
           CREDIT INDUSTRY HAS CONTRIBUTED TO MEMBERS OF CONGRESS AND THE

           POLITICAL PARTIES IN RECENT YEARS. $7.5 MILLION, MR. PRESIDENT,
           IN 1999 ALONE, AND $23.4 MILLION IN JUST THE LAST THREE YEARS.
           ONE COMPANY THAT HAS BEEN PARTICULARLY GENEROUS IS MBNA
           CORPORATION, ONE OF THE LARGEEST ISSUERS OF CREDIT CARDS IN THE
           COUNTRY. IN 1998, MBNA GAVE A $200,000 SOFT-MONEY CONTRIBUTION
           TO THE REPUBLICAN SENATORIAL COMMITTEE ON THE VERY DAY THAT THE
           HOUSE PASSED THE CONFERENCE REPORT AND SENT IT TO THE SENATE.
           THIS YEAR, MBNA GAVE ITS FIRST LARGE SOFT-MONEY CONTRIBUTION

           EVER TO THE DEMOCRATIC PARTY, GAVE $150,000 TO THE DEMOCRATIC
           SENATORIAL CAMPAIGN COMMITTEE ON DECEMBER 22, 1999, RIGHT IN
           THE MIDDLE OF SENATE FLOOR CONSIDERATION OF THE BILL. SO IT'S
           NO MYSTERY TO ME WHY THIS BILL IS SO ANTICONSUMER. AND I DON'T
           THINK IT'S A MYSTERY TO THE PUBLIC EITHER. THE BILL CONTAINS
           PRECIOUS LITTLE TO ADDRESS ABUSES BY CREDITORS AND DEBT
           COLLECTION AND REAFFIRMATION PRACTICES, AND IT CONTAINS VERY,
           VERY WEAK CREDIT CARD DISCLOSURE PROVISIONS. THE CREDIT CARD
           INDUSTRY HAS RIDDEN THE RISE IN PERSONAL BANKRUPTCIES TO GET
           THE CHANGES IN THE LAW THAT IT WANTS. BUT IT HAS RESISTED

           EFFORTS TO INFORM CONSUMERS OF THE RISKS OF OVERUSE OF CREDIT
           CARDS. BETTER DISCLOSURE MIGHT REDUCE THE NUMBER OF BANKRUPTCY
           FILINGS IN THIS COUNTRY, BUT THE CREDIT INDUSTRY HAS
           SUCCESSFULLY PREVENTED THE CONGRESS FROM REQUIRING SUCH
           DISCLOSURE. MR. PRESIDENT, THERE IS STILL TIME TO STEP BACK
           FROM THE BRINK. NONPARTISAN EXPERTS HAVE MANY RECOMMENDATIONS
           TO REFORM THE BANKRUPTCY LAWS AND HAVE BALANCED -- IN A
           BALANCED AND FAIR WAY TO GET AT THE ABUSES -- AND I WANT TO GET
           AT THE ABUSES -- BUT WE SHOULD DO SO WITHOUT CAUSING UNDESERVED

           MISERY TO THOUSANDS OF POWERLESS AND DEFENSELESS AMERICANS.
           LET'S LISTEN TO THEM RATHER THAN CREDIT CARD ISSUERS WHO ARE
           LINING OUR CAMPAIGN TREASURIES. AND I AGAIN WANT TO THANK
           ESPECIALLY THE SENATORS FROM MASSACHUSETTS, MINNESOTA AND IOWA
           AND MY OTHER COLLEAGUES WHO ARE HERE THIS MORNING TO CALL
           ATTENTION TO THIS CRUCIAL ISSUE. MR. PRESIDENT, I'D ASK
           UNANIMOUS CONSENT THAT MY FULL STATEMENT BE PLACED IN THE
           RECORD, AND I YIELD THE FLOOR.
           

           THE PRESIDING OFFICER: WITHOUT OBJECTION, SO ORDERED. THE CHAIR
           RECOGNIZES THE SENATOR FROM DELAWARE FOR UP TO TEN MINUTES.
           

           MR. BIDEN: MR. PRESIDENT, I ASK UNANIMOUS CONSENT THAT BENNETT
           LOWENTHAL OF THE STATE DEPARTMENT PEARSON FELLOW ON MY STAFF OF
           THE FOREIGN RELATIONS COMMITTEE BE GRANTED FLOOR PRIVILEGES FOR
           THE DURATION OF THE CONSIDERATION OF S. 2521, THE MILITARY
           CONSTRUCTION APPROPRIATIONS BILL, WHEN WE GET TO IT.
           

           THE PRESIDING OFFICER: WITHOUT OBJECTION, SO ORDERED.
           

           MR. BIDEN: VERY BRIEF COMMENT, MR. PRESIDENT. I ATTENDED THE
           MILLION-MOM MARCH WITH MY WIFE, AND I DON'T THINK ANYONE SHOULD
           MISUNDERSTAND THE SIGNIFICANCE AND CONSEQUENCE OF SO MANY
           MOTHERS AND A NUMBER OF FATHERS GIVING UP MOTHER'S DAY TO MAKE
           AN IMPORTANT POINT. THESE WEREN'T A BUNCH OF WILD RADICALS.
           THESE WERE A BUNCH OF MOMS FROM RURAL AREAS AND INNER CITIES

           AND SUBURBAN AREAS. THEY WERE BLACK, THEY WERE WHITE, HISPANIC,
           ASIAN-AMERICAN ASIAN-AMERICAN. AND THEY WERE BASICALLY MAKING A
           PLEA. AND AS I STOOD THERE AND LISTENED, I WAS REMINDED OF A
           QUOTA ATTRIBUTED TO JOHN L LOCKE, SPEAKING ABOUT SOMEONE HE HAD
           HEARD SPEAK. AND HE SAID, "HE SPOKE WORDS THAT WEPT AND SHED
           TEARS THAT SPOKE." I DON'T KNOW HOW ANYONE COULD HAVE ATTENDED
           ANY SIGNIFICANT PORTION OF THAT MARCH AND NOT FELT, AS JOHN

           LOCKE FELT, LISTENING TO THE WORDS THAT THESE WOMEN SPOKE THAT
           WEPT AND THE TEARS THEY SHED THAT SPOKE VOLUMES ABOUT THE
           INSANITY OF OUR POLICY. AND IRONY OF ALL IRONIES, THE NEXT DAY
           WE COME TO WASHINGTON ON MONDAY AND THE SUPREME COURT HANDS
           DOWN A DECISION. NOT ABOUT GUNS BUT ABOUT THE PROTECTION AND

           EMPOWERMENT OF WOMEN IN SOCIETY. YESTERDAY, THE UNITED STATES
           IN THE UNITED STATES VS. MORRISON, THE SUPREME COURT STRUCK
           DOWN A PROVISION OF AN ACT THAT I SPENT EIGHT YEARS WRITING AND
           ATTEMPTING TO PASS PASS, SIX OF WHICH WERE IN EARNEST, THE
           SO-CALLED VIOLENCE AGAINST WOMEN ACT. AND THERE'S ONE PROVISION
           OF THAT ACT THAT THEY STRUCK DOWN AND ONLY ONE PROVISION AND
           THAT IS THE ACT THAT EMPOWERED WOMEN TO TAKE UP THEIR OWN CAUSE
           AND GO TO FEDERAL COURT TO MAKE THE CASE THAT THEY WERE A

           VICTIM OF SEXUAL ABUSE BECAUSE AND ONLY BECAUSE OF THEIR GENDER
           AND TO SUE THEIR ATTACKER FOR CIVIL DAMAGES IN FEDERAL COURT.
           EMPOWERING WOMEN TO NOT HAVE TO RELY ON THE PROSECUTORIAL
           SYSTEM OR ANYONE ELSE TO VINDICATE THE WRONG THAT HAD BEEN DONE
           TO THEM IF THEY COULD SUPPLY THE PROOF. WELL, AS THE AUTHOR OF
           THAT ACT, I MUST TELL YOU THAT I WAS DISAPPOINTED BY THE
           COURT'S DECISION BUT, QUITE FRANKLY, NOT SURPRISED BY IT. I

           WANT TO EMPHASIZE, THOUGH, THE MORRISON CASE STRUCK DOWN THE
           CIVIL RIGHTS CAUSE OF ACTION WOMEN HAVE IN FEDERAL COURT. NO
           OTHER PART OF THE ACT. NOTHING IN THE COURT'S DECISION
           YESTERDAY AFFECTS THE VALIDITY OF ANY OTHER PROVISION, ANY
{END: 2000/05/16 TIME: 11-15 , Tue.  106TH SENATE, SECOND SESSION}