(NAFB) — The Senate passed the Family Farmer Relief Act of 2019 late last week. It’s a bill that will expand family farmers’ access to relief under Chapter 12 farm bankruptcy rules by increasing the debt limit from $4.2 million to $10 million.
The House of Representatives passed the bill earlier last week and it now moves on to President Trump’s desk for his signature.
National Farmers Union President Roger Johnson says, “Chronic overproduction, an ongoing international trade war, and a series of extreme weather events have created a perfect storm. Farm debt is at a record high, with too many operations being pushed to the brink financially. The Family Farmer Relief Act will give them a chance to stay in business.”
American Farm Bureau President Zippy Duvall says passing the bill sends an important message to American farmers and ranchers. “It shows that elected officials are willing to act in these challenging times,” Duvall says. “The bill allows more farmers an opportunity to qualify for financial restructuring, which means they can keep their lands and livelihoods.” Duvall says his group is anxious for the President to sign the bill. “We also want to thank Iowa Senator Chuck Grassley and all the cosponsors for their support of America’s farmers and ranchers,” Duvall added.
Source: National Association of Farm Broadcasters