Pelosi Statement on Exempting National Guard and Reserve from Some Provisions of Bankruptcy Law

June 23, 2008

Washington, D.C. -- Speaker Nancy Pelosi issued the following statement on passage of H.R. 4044, legislation to exempt members of the National Guard and Reserve called up for active duty from the means test requirements in the 2005 Bankruptcy law for 18 months after their active duty service:

"Today, the House took another step to help our veterans and ease the minds of our troops still in the field with the economic hardships caused by the strain of multiple deployments in Iraq and Afghanistan. Many National Guard members and Reservists whose active duty has been extended were forced to leave behind small businesses and jobs and often find themselves in debt as they try to rebuild their lives after serving our country.

"We owe it to those who have risked their lives for their country to prevent financial catastrophe by putting some needed flexibility in the bankruptcy law.

"This critical legislation will build on the progress we have made for our troops and veterans, with historic increases in veterans health care and the soon to be enacted New GI Bill, to provide a full college education to our returning veterans."