I will keep in touch with Joe as negotiations progress. I urge you to continue to share your views with me. Let's make sure that we pass a bill that is in the best interest of both industry and consumers. One final issue that I know concerns many of you here today is bankruptcy reform. Last year there were over one million bankruptcy filings.
Bankruptcies mean higher fees, prices, and interest rates for all consumers.
Something is dreadfully wrong when from 1986 to 1996 real per capita annual disposable income rose by 13 percent . . . . . . Some debtors are allowed to liquidate their assets and be released from debt when they could have repaid some or most of their debt. In other cases, debtors may not be required to liquidate some of their assets. On October 20th, the National Bankruptcy Review Commission released its report. Approved by the Commission on a 5-4 vote, the report includes 170 recommendations for reform of the bankruptcy code.