mr. speaker , today , congress has the opportunity to finish the task of preventing corporate malfeasance by agreeing to pass s. 256 .  included in this bill is a sensible provision that sharply limits to $ 125 , 000 the homestead exemption that many ceos and corporate officers have used to shield their assets from creditors after they plunder their shareholders ' wealth .  by empowering the government to go after the ill-gotten gains that crooked corporate officers tie up in offshore mansions , shareholders and pensioners who have been swindled can have their hard-earned savings returned to them .  in addition , this bill prohibits people convicted of felonies like securities fraud from claiming an unlimited exemption when filing for bankruptcy , protecting taxpayers from having to bear the cost of corporate malfeasance .  it also guards against fraud and abuse by requiring that high-income debtors who have the ability repay a significant portion of their debts do so , preventing them from sticking responsible borrowers with their tab .  it accomplishes all of this while preserving the ability of people who truly need to discharge their debts to do so .  for far too long , americans who work hard and pay their bills have been held accountable for the debts incurred by those who irresponsibly file for bankruptcy .  this long-overdue legislation will reform the critically-flawed bankruptcy process , and prevent affluent filers from gaming the system and passing on their bad debt to hard-working families while preserving the ability of people who truly need to discharge their debt through bankruptcy to do so .  bankruptcy should be preserved as a last resort for those who truly need the protections that the bankruptcy system has to offer -- not a tool for those who could pay their debts but choose to discharge them instead .  by agreeing to this legislation , congress will make the existing bankruptcy system a needs-based one and correct the flaw in the current system that encourages people to file for bankruptcy and walk away from debts , regardless of whether they are able to repay any portion of what they owe ; and it does this while protecting those who truly need protection .  i commend my colleagues for their hard work on this legislation , and i strongly urge my colleagues to vote in favor of this report and help honest taxpayers by closing the loopholes in the current bankruptcy system .  