LEGISLATION

Congress OKs Reform of Bankruptcy Law: Congress on Friday passed and sent to President Clinton the first major reform of federal bankruptcy laws in 16 years. The Senate completed action on the bill early Friday after the House of Representatives passed it Wednesday. The bill would streamline Bankruptcy Court procedures and balance the rights of debtors and creditors, according to its chief sponsor, Sen. Howell Heflin, an Alabama Democrat. “The bankruptcy reform act is a good and thoughtful piece of legislation that is designed to ensure equity and fairness in our nation’s bankruptcy laws,” Heflin said in a statement. He said it was needed because a 152% increase in filings since 1986 is clogging the courts.