Professor of Law
University of Pennsylvania
Researches and teaches corporate and business law
“Obama has suggested that he will support more federal regulation of corporations. And he has signaled his support for bankruptcy reform that would allow borrowers to write down the value of their mortgages in bankruptcy. He also has sharply criticized the major bankruptcy reforms passed in 2005, which made bankruptcy more difficult for consumer debtors.
“ As a longtime member of the Senate Judiciary Committee, Joe Biden had almost single-handedly thwarted a number of reform proposals that would have interfered with Delaware's prominence as a popular destination for corporate-bankruptcy filings. He had been similarly effective in protecting Delaware's other corporate interests. With Biden out of the Senate and no longer principally focused on Delaware voters, that obstacle might be gone, which could mean more federal intervention in these areas in an Obama presidency.”