WASHINGTON (Reuters) – Bankruptcy legislation making it tougher for heavily indebted Americans to wipe out their obligations won final congressional approval on Thursday and President Bush said he looked forward to signing it into law.
Sought for years by banks and credit card companies that say people are abusing bankruptcy to escape repayment, the measure cleared the House of Representatives on a 302-126 vote. It passed the Senate last month by 74-25.
The bill now goes to the White House, where it is seen as part of the Republicans’ legal reform agenda.
“I commend the House for acting in bipartisan fashion to curb abuses of the bankruptcy system,” Bush said in a statement that called the changes in the bill “commonsense reforms.”
“I look forward to signing the bill into law,” he said.