WASHINGTON — The following statements were released by the National Farmers Union and American Farm Bureau Federation in reaction to the passage of the Family Farmer Relief Act of 2019 in both the U.S. Senate and House of Representatives.
Bankruptcy Bill Will Help More Family Farmers Access Relief
The U.S. Senate yesterday passed the Family Farmer Relief Act of 2019, 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 bill, which was approved by the House of Representatives last week, now awaits President Donald Trump’s signature.
National Farmers Union (NFU) endorsed the legislation when it was first introduced in April, as it would help more family farmers avoid liquidation or foreclosure. NFU President Roger Johnson released the following statement in response to its passage:
“Chronic overproduction, an ongoing international trade war, and a series of extreme weather events have created a perfect storm for the farm economy. Farm debt is at a record high, and too many operations have been pushed to the brink financially. The Family Farmer Relief Act will help more family farmers access Chapter 12 relief, giving them a fighting chance to stay in business. We applaud Congress for passing this important legislation, and we urge President Trump to swiftly enact it into law.”
One Step Away From Helping Farmers Stay in Business
The following statement may be attributed to American Farm Bureau Federation President Zippy Duvall:
“With farm bankruptcies at a record high in some regions of the country, Senate passage of the Family Farmer Relief Act sends an important signal to family farmers and ranchers that our elected officials are willing to act in these challenging times. The bill gives more farmers an opportunity to qualify for financial restructuring so they can keep their land and livelihoods. We are eager for the President’s signing of this bill and appreciate the leadership of Senator Chuck Grassley (R-IA) and all the cosponsors for their support of America’s farmers and ranchers.”
For more articles concerning agricultural policy, click here.