LEGISLATION

Senate Approves Bankruptcy Reform Bill: The Senate unanimously approved a bill to reform the bankruptcy code, a measure opposed by the Bush Administration. The Senate passed the legislation by a 97-0 vote. Among its provisions, the bill would create a temporary chapter in the federal bankruptcy code to provide expedited reorganization of small businesses with debts under $1.5 million. Chapter 11 of the bankruptcy code, which companies use to file for protection from creditors while they reorganize, now treats large and small companies alike. The Administration contends that this provision would unfairly skew the balance toward debtor companies by depriving creditors of Chapter 11 safeguards.