XXXX Voted To Protect The Confidentiality Of Children In Bankruptcy Proceedings. In 2001, XXXX voted for the Leahy modified amendment to the Bankruptcy Reform Act of 2001 (S. 420). The amendment would provide that a debtor in bankruptcy proceedings could be required to provide information regarding a minor child but could not be required to disclose in public records the name of that child. A debtor could be required to disclose the name of a minor child in a nonpublic record maintained by the bankruptcy court; a bankruptcy judge, trustee, or auditor could inspect that record but would be required to maintain the confidentiality of the identity of the child. The amendment was agreed to, 99-0. [S 240, Vote 31, 3/15/01] XXXX Voted Against Capping The Amount Of Home Equity Shielded From Creditors In Bankruptcy Court At $125,000. In 2001, XXXX voted against an effort to cap the amount of home equity shielded from creditors in bankruptcy court at $125,000. Bush, who supported a sweeping overhaul of the bankruptcy laws, was opposed to the $125,000 cap. The provision was designed to close a loophole in current law, the so-called homestead exemption, which allowed wealthy debtors to shield their assets in luxury homes. The vote was on an amendment to the Bankruptcy Reform Act of 2001. After the vote, the amendment was adopted by voice vote. [S 420, Vote 30, 3/15/01; Associated Press, 7/17/01] XXXX Voted to Invoke Cloture on Bankruptcy Overhaul. In March 2001, XXXX voted to invoke cloture (thus limiting debate) on the bill that would revise bankruptcy laws to make it easier for courts to move debtors from Chapter 7 of the bankruptcy code, which allows most debts to be discharged, to Chapter 13, which requires a reorganization of debts under a repayment plan. [S 420, Vote 29, 3/14/01] XXXX Voted Not To Deny Bankruptcy Claims For Loans With Annualized Interest Rates In Excess of 100%. In 2001, XXXX voted against supporting the Wellstone modified amendment to the Bankruptcy Reform Act of 2001 (S. 420). The Wellstone modified amendment would deny any claims of lenders in bankruptcy if those claims were for loans they gave which, if they had been given on an annualized basis, would have had interest rates in excess of 100 percent. For instance, if a "payday" lender gave a $100 loan for 1 week for a fee of $5, the equivalent yearly fee would be $260, or 260 percent, so that lender would not be entitled under the Wellstone amendment to recover any of the loan amount if the borrower declared bankruptcy. The motion to table was agreed to, 58-41. [S 420, Vote 28, 3/14/01] XXXX Opposed Consumer Protections and Stiffer Penalties for Predatory Lenders. In 2001, XXXX voted to reject added restrictions on credit card companies, requirements that the companies disclose more information to consumers and stiffer penalties for predatory lenders. The vote was on substitute amendment to the Bankruptcy Reform Act of 2001. [S 420, Vote 27, 3/14/01] XXXX Voted Against Limiting The Discharge Of California Utilities’ Debts. In 2001, XXXX voted to table the Wyden amendment to the Bankruptcy Reform Act of 2001 (S. 420). The Wyden amendment would prohibit, in Chapter 11 proceedings, the discharge of a California private utility's debts incurred from the receipt of wholesale electric power that was sold under an order issued by the Secretary of Energy under the Federal Power Act. The motion to table was agreed to, 67-30. [S 420, Vote 26, 3/14/01] XXXX Opposed Making It Illegal To Give A Credit Card To A Minor, With Certain Exceptions. In 2001, XXXX voted against making it illegal to give a credit card or open-end credit plan to anyone under the age of 21 unless: a parent, legal guardian, spouse, or other individual with means of repaying any debts incurred cosigned for the credit card or credit plan; the person under the age of 21 submitted information indicating an independent means of repaying any obligation arising from the proposed extension of credit; or the applicant provided proof that he had completed a credit counseling course by an approved non-profit budget and credit counseling agency. The motion to table was agreed to, 58-41. [S 420, Vote 25, 3/13/01] XXXX Voted Not To Hold Secondary Mortgage Companies Liable For Claims Against Acquired Assets. In 2001, XXXX voted against requiring any secondary mortgage company which purchased the financial assets (credit contracts and transactions) of a financial institution which had filed for bankruptcy to be held liable for all claims and defenses related to those assets to the same extent that the secondary company would have been held liable had the sale taken place other than under bankruptcy. The motion to table failed, 44-55. [S 420 Vote 24, 3/13/01] 21