The Senate Banking Committee is now looking at the “Helping Families Save Their Homes in Bankruptcy Act of 2009.” Even though the House passed this legislation two weeks ago, the Senate has decided it needs more information; more “debate.”
The Banking Committee now has control over the bill and will argue its merits in the next week (or two or six…). This is silly. The Banking Committee isn’t the right venue to deal with the pros and cons of this bill. It should go to the Senate Judiciary Committee, if it needs to be further scrutinized.
The Senate Judiciary Committee normally analyzes bills amending Title 11 of the US Code (the Bankruptcy Act). They have the knowledge and expertise to do so. The Banking Committee usually looks at legislation aimed at regulating banks, credit unions and the like: not at bankruptcy legislation.
Although this doesn’t mean the end of this legislation, it will, no doubt, slow down passage and complicate the process as the committee struggles to understand the issues and approve the bill for vote by the Senate.
Time for us all to write our Senators and get this moving again.