Financial Lobbyists Warn against Bankruptcy Provisions in Bailout Bill
A coalition of financial lobbyists on Tuesday sent a terse letter to Congress, urging House and Senate members against including bankruptcy provisions in the pending $700 billion Wall Street bailout bill.
The letter by 12 organizations including the American Bankers Association, the Financial Services Roundtable, the Independent Community Bankers of America, the National Home Builders Association and the U.S. Chamber of Commerce objects to provisions known as
But the financial lobbyists revise their past argument against the provisions: That they would increase mortgage risk at a time when the market is already unsteady.
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