He sided with the banks in Congress. She was a crusading law professor on the make. In 2020, are we about to get a rematch?
On a February morning in 2005 in a hearing room in the Dirksen Senate Office Building, Joe Biden confronted Elizabeth Warren over a subject they’d been feuding over for years: the country’s bankruptcy laws. Biden, then a senator from Delaware, was one of the strongest backers of a bill meant to address the skyrocketing rate at which Americans were filing for bankruptcy. Warren, at the time a Harvard law professor, had been fighting to kill the same legislation for seven years.
At this last remark, Biden smiled and sat back in his chair, according to Mallory Duncan, a lobbyist who was in the room.“It was like watching a championship tennis match,” Duncan told me, more than a decade later, of the sparring between the two future presidential candidates. Some of the lobbyists and lawmakers who championed the bill say it’s worked the way they intended. The number of consumer bankruptcy filings has slumped from more than 2 million in 2005 to fewer than 800,000 in 2017, the most recent year for which statistics are available. Joe Rubin, who worked on bankruptcy legislation as a House Republican staffer in the 1990s and later lobbied in support of the bill for the U.S.
Former Sen. Chris Dodd , who voted against the bill, described it as “one of the worst pieces of legislation of all time” when he ran for president in 2008 and questioned former Sen. John Edwards’ vote for it during a presidential debate. But Dodd told me he didn’t see Biden’s vote for the bill as a fault line between Biden and Warren. “I would call them both progressive Democrats, and they’ve reflected that throughout their careers,” Dodd said.
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