I am extremely disappointed that all five of our congressmen followed U.S. Sen. Chuck Grassley in voting for the bankruptcy bill.
The legislation was opposed by a large number of law professors and bankruptcy judges. Credible studies demonstrate that a majority of bankruptcies result from divorce, death in the family, sudden medical crises and/or job loss.
This bill does nothing to close asset-protection trusts that allow the wealthy to retain their fortunes when filing bankruptcy.
It also does nothing to curb predatory lending practices or make corporations such as Enron more responsible to shareholders. This means the majority of Iowa's elected representatives voted to penalize middle- and working-class families for occurrences beyond their control while supporting corrupt corporations and a double standard for irresponsible wealth.
One can only hope that the next election brings opponents smart enough to cite our current representatives' allegiance to corporate lobbies at the expense of their working- and middle-class constituents.
-Ben Saddoris,
Osceola.
attribution
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