National Bankruptcy Review Commission

National Bankruptcy Review Commission was established by the National Bankruptcy Review Commission Act of 1994, signed into law by President Bill Clinton, with the goal of reviewing and recommending changes to the Bankruptcy Code of the United States. The commission's work was informed by the expertise of Judge Robert Gerber of the United States Bankruptcy Court for the Southern District of New York, Professor Elizabeth Warren of Harvard Law School, and Senator Orrin Hatch, among others. The commission's efforts were also influenced by the Federal Reserve, the American Bar Association, and the National Association of Consumer Advocates. The commission's findings and recommendations were shaped by the insights of Judge Edith Jones of the United States Court of Appeals for the Fifth Circuit, Professor Todd Zywicki of George Mason University School of Law, and Representative John Conyers.

● Introduction

The National Bankruptcy Review Commission was a response to the growing concern about the increasing number of bankruptcy filings in the United States, which had risen significantly since the Bankruptcy Reform Act of 1978. The commission's establishment was supported by Chief Justice William Rehnquist, Senator Ted Kennedy, and Representative Henry Hyde, among others. The commission's work was also informed by the research of Professor Michael Knoll of the University of Pennsylvania Law School, Professor David Skeel of the University of Pennsylvania Law School, and Judge Thomas Ambro of the United States Court of Appeals for the Third Circuit. The commission's efforts were further guided by the expertise of Judge Clifford Wallace of the United States Court of Appeals for the Ninth Circuit, Professor Richard Posner of the University of Chicago Law School, and Senator Patrick Leahy.

● History

The National Bankruptcy Review Commission was established on November 29, 1994, with the appointment of its members by President Bill Clinton, Chief Justice William Rehnquist, and the Congressional leaders of the United States Senate and the United States House of Representatives. The commission's members included Judge Edith Jones, Professor Elizabeth Warren, and Judge Robert Gerber, among others. The commission's work was influenced by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which was signed into law by President George W. Bush. The commission's efforts were also shaped by the insights of Judge Alex Kozinski of the United States Court of Appeals for the Ninth Circuit, Professor Richard Epstein of the University of Chicago Law School, and Senator Arlen Specter.

● Mandate_and_Purview

The National Bankruptcy Review Commission was mandated to review the Bankruptcy Code and recommend changes to improve the bankruptcy system of the United States. The commission's purview included examining the causes of the increasing number of bankruptcy filings, as well as the impact of bankruptcy on creditors, debtors, and the economy as a whole. The commission's work was informed by the expertise of Judge Frank Easterbrook of the United States Court of Appeals for the Seventh Circuit, Professor Douglas Baird of the University of Chicago Law School, and Representative Lamar Smith. The commission's efforts were also guided by the research of Professor Thomas Jackson of the University of Virginia School of Law, Professor Barry Adler of the New York University School of Law, and Judge Diarmuid O'Scannlain of the United States Court of Appeals for the Ninth Circuit.

● Recommendations_and_Impact

The National Bankruptcy Review Commission submitted its report to Congress in 1997, which included recommendations for changes to the Bankruptcy Code. The commission's recommendations were influenced by the insights of Judge Guido Calabresi of the United States Court of Appeals for the Second Circuit, Professor Daniel Fischel of the University of Chicago Law School, and Senator Herb Kohl. The commission's efforts led to the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which was signed into law by President George W. Bush. The commission's work also informed the development of the Federal Rules of Bankruptcy Procedure, which were amended in 2017 to reflect changes to the Bankruptcy Code.

● Notable_Members_and_Participants

The National Bankruptcy Review Commission included several notable members, such as Judge Edith Jones, Professor Elizabeth Warren, and Judge Robert Gerber. The commission's work was also informed by the participation of Judge Alex Kozinski, Professor Richard Epstein, and Senator Arlen Specter, among others. The commission's efforts were further guided by the expertise of Judge Frank Easterbrook, Professor Douglas Baird, and Representative Lamar Smith. The commission's members and participants also included Judge Thomas Ambro, Professor David Skeel, and Representative John Conyers, among others.

● Legacy_and_Reforms

The National Bankruptcy Review Commission's work had a significant impact on the bankruptcy system of the United States. The commission's recommendations led to changes to the Bankruptcy Code, including the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The commission's efforts also informed the development of the Federal Rules of Bankruptcy Procedure, which were amended in 2017 to reflect changes to the Bankruptcy Code. The commission's legacy continues to shape the bankruptcy system of the United States, with its recommendations and findings influencing the work of Judge Jeffrey Sutton of the United States Court of Appeals for the Sixth Circuit, Professor Richard Posner of the University of Chicago Law School, and Senator Chuck Grassley, among others. The commission's work has also been recognized by the American Bankruptcy Institute, the National Conference of Bankruptcy Judges, and the Federal Judicial Center. Category:United States government agencies