Bush Win Could Put Focus on Bankruptcy Reform

WASHINGTON – President Bush’s reelection and wider Republican majorities in Congress could mean tougher oversight of mortgage finance giants Fannie Mae and Freddie Mac, along with an overhaul of the nation’s bankruptcy laws, industry lobbyists said on Wednesday.

Policy makers will get a second chance to write financial services industry legislation that has stalled in recent years, including streamlining and expanding government insurance for savings accounts, and a grab-bag of red-tape cutting proposals, these representatives for the financial services industry said.

“You will have the same people, the same interests, the same concerns before legislators. I would expect to see more gains along the same tracks that have been started before,” said Robert Davis, director of government relations for America’s Community Bankers.

Bankruptcy reform legislation, which has come close to passage several times in recent years only to stall at the last minute, is expected to get renewed attention.

Both houses of Congress have approved measures that would make it harder for consumers to invoke bankruptcy to avoid paying off their debts — a key goal for credit card companies.

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