Grassley-Franken Farm Bankruptcy Relief Bill Sent to President for Signature
WASHINGTON – A bipartisan measure making
it easier for family farmers to reorganize debts when facing bankruptcy
received final approval today in Congress and is headed to the president’s desk
for signature. The Family Farmer Bankruptcy Clarification Act of 2017, sponsored
by Senators Chuck Grassley (R-Iowa) and Al Franken (D-Minn.), was included as
part of the supplemental appropriations package approved today in the Senate by
a vote of 82-17. The measure would rectify a 2012 Supreme Court ruling on a
previous bankruptcy reform law that ignored Congress’ express goal of helping
family farmers.
“Family
farmers face obstacles that others don’t when dealing with bankruptcy. Their
assets are largely tied up in farmland, which creates significant challenges
for these family operations when reorganizing debt. Years ago Congress took
specific steps to address these disadvantages, but the Supreme Court failed to
recognize Congress’ intent when evaluating the law,” Grassley said. “Thankfully
Congress has now approved a fix for this problem and family farmers facing hard
times can breathe a sigh of relief. I look forward to the president signing
this bill into law.”
"Our
bipartisan bill is a commonsense fix to ensure that the law functions as
intended and protects family farmers in Minnesota and across the country,” said Franken. “I’m glad this
bill is set to become law and will help ensure farmers going through bankruptcy
get a fair shake and are able to repay the debts they owe without sacrificing
their families’ futures.”
Read
more about the Family Farmer Bankruptcy Clarification Act here.
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