Word: credit-card
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...Last week, as the New York Times reported, Bush planned to ask the American Bar Association to drop its review of judicial nominees, long a sore spot for conservatives. But where business is concerned, Bush has often let Congress take the lead--and the heat. After banks, retailers and credit-card companies poured millions of dollars into both parties during the last election, the bill tightening the rules for consumer bankruptcy sailed through the Senate last week. And a week earlier, with an assurance that Bush would back them, House and Senate Republicans rolled back regulations protecting 102 million people...
...When credit-card companies want something really badly, what do they do? They pay cash, of course. And that's just what they did, along with a lot of banks, retailers and auto lenders who contributed millions of dollars to key members of Congress as well as to President George W. Bush's campaign and Inaugural festivities. Last week that generosity paid off, with interest, when the Senate passed a new bankruptcy law. The bill could generate billions of dollars in extra revenue for creditors by making it more difficult for Americans to walk away from debts and regain their...
...Credit-card issuers and their allies claim the measure will usher in a new era of personal responsibility at a time when bankruptcies have swelled 300% since 1980. The differences between the House and Senate versions must still be resolved, but both include limits on the so-called homestead exemption, which in some states protects assets invested in a house from being seized by creditors...
Critics contend that card issuers, whose profits have zoomed nearly 50% in the past two years, are in no need of relief from Congress. The industry is also blamed for creating the problem by extending credit--3.3 billion solicitations were sent out last year alone--to anyone with a pulse. "This bill is a wish list for the credit-card industry and a nightmare for vulnerable families," charges Senator Paul Wellstone, a Minnesota Democrat who led opposition to the measure...
...bankruptcy bill also includes a few nasty surprises for small businesses in trouble. Some could face liquidation if they do not meet accelerated deadlines for putting their finances in order. That, in turn, could cost jobs just as the economy weakens and credit-card debt, already at record levels, continues to rise...