Democrats Push (workers) Bankruptcy Bill!!!

http://www.forbes.com/feeds/ap/2007/09/25/ap4155591.html

WASHINGTON -

Democrats say they intend to get Congress, before the end of the year, to consider legislation that would make it harder for companies reorganizing in bankruptcy to slash workers' pay and benefits.

The bill, Protecting Employees and Retirees in Business Bankruptcies Act, was introduced Tuesday in the House by Rep. John Conyers, D-Mich., chairman of the Judiciary Committee. Sen. Richard Durbin, D-Ill., introduced a companion bill in the Senate.

Sen. Edward Kennedy, D-Mass., said at a news conference that he and Durbin will do "everything we can to get this bill passed."

The bill highlights a reaction on Capitol Hill to growing criticism - particularly from labor unions - that current laws allow top executives of bankrupt companies to collect millions in pay and bonuses while employees' wages and benefits are cut. "Bankruptcy court has become a place where corporate executives go to get permission to break promises to their workers and retirees, while lining their own pockets," Kennedy said in a statement. "Executives give themselves lavish gifts, workers lose their paychecks."

The bill proposes to double to $20,000 the amount of wage-related bankruptcy claims a worker can file against a company under bankruptcy protection. It would also allow additional claims of up to $20,000 for benefits lost, and generally make it easier to file such claims. The bill would restrict the circumstances under which collective bargaining agreements can be rejected.

The bill would also require court approval of executive compensation well after a company exits bankruptcy protection. It would prohibit deferred compensation for executives if employee compensation plans have been terminated in bankruptcy, and make it harder for companies to pay bonuses to top executives.

FULL story at link.

I can't wait for the Republicans to filibuster it, the Democrats to capitulate, and the President to veto!

.

:cry: