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PUBLIC LAW 91-354-JULY 24, 1970

[84 STAT.

Public Law 91-354 July 24, 1970 [S, J. R e s, 88]

30 Stat. 544. 11 USC 1 note.

Commission on the Bankruptcy Laws of the U.S. Establishment.

Report to P r e s i d e n t, Chief Justice, and Congress. Termination. Membership, appointment.

JOINT RESOLUTION To create a commission to study the bankruptcy laws of the United States. Whereas the number of bankruptcies in the United States has increased more than 1,000 per centum annually in the last twenty years; and Whereas more than one-fourth of the referees in bankruptcy have problems arising in their administration of the existing Bankruptcy Act and have made suggestions for substantial improvement in that Act; and Whereas the technical aspects of the Bankruptcy Act are interwoven with the rapid expansion of credit which has reached proportions far beyond anything previously experienced by the citizens of the United States; and Whereas there appears to be little experience or understanding by the Federal Government and the commercial community of the Nation in evaluating the need to update the technical aspects of the Bankruptcy Act and the financial policies pursued by the Federal Government and the commercial community: Now, therefore, be it Resolved l>y the Senate and House of Representatives of the United States of America in Congress assembled, That (a) there is hereby established a commission to be known as the Commission on the Bankruptcy Laws of the United States (hereinafter referred to as the "Commission"). (b) The Commission shall study, analyze, evaluate, and recommend changes to the Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898 (30 Stat. 544), as amended (title 11, United States Code), in order for such Act to reflect and adequately meet the demands of present technical, financial, and commercial activities. The Commission's study, analysis, and evaluation shall include a consideration of the basic philosophy of bankruptcy, the causes of bankruptcy, the possible alternatives to the present system of bankruptcy administration, the applicability of advanced management techniques to achieve economies in the administration of the Act, and all other matters which the Commission shall deem relevant. (c) The Commission shall submit a comprehensive report of its activities, including its recommendations, to the President, the Chief Justice of the United States, and the Congress within two years after the date of enactment of the joint resolution. Upon the filing of such report, the Commission shall cease to exist. SEC. 2. (a) The Commission shall be composed of the following members appointed as follows: (1) three members appointed by the President of the United States, one of whom shall be designated as Chairman by the President; (2) two Members of the Senate, one from each of the two major political parties, appointed by the President of the Senate; (3) two Members of the House of Representatives, one from each of the two major political parties, appointed by the Speaker of the House of Representatives; and (4) two appointed by the Chief Justice of the United States. (b) Five members of the Commission shall constitute a quorum. (c) A vacancy in the Commission shall not affect its powers. Any vacancy shall be filled in the manner in which the original appointment was made.

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