Biden backed brutal bankruptcy bill in 2005

In 1999, then-senator Joe Biden (D-Del.) declared, "I'm not the senator from MBNA."  Apparently, Biden felt it was necessary to clarify that he did not exclusively represent credit card giant MBNA because his constituents were thoroughly confused, based on his track record of being a shill for credit card companies located in the First State. Then, six years later, Biden inserted his foot directly into his mouth (again) when he championed the notorious (and ill named) Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA).  A more appropriate name could have been the Act to Protect Credit Card Companies and Shaft Students and Workers. In short, BAPCPA was a terrible bill that favored credit card companies, big banks, and millionaires over working-class borrowers.  It also is solely responsible for the fact that student loan debt is totally impossible to dismiss — even after one has declared bankruptcy. Wait a...(Read Full Post)
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