Wisconsin Senator Introduces the Family Farmer Relief Act
Thursday, March 28th, 2019 -- 8:01 AM
(Wisconsin Ag Connection) -Struggling farm families who need to consider protection from the U.S. bankruptcy code may see a little relief under a proposal being considered by a bipartisan group of senators.On Wednesday, Ron Johnson of Wisconsin and Iowa's Chuck Grassley introduced the Family Farmer Relief Act of 2019 to help family farms financially reorganize after falling on hard times. Under current law, Chapter 12 bankruptcy removes certain costly reorganization requirements intended for large corporations. Johnson's measure raises the Chapter 12 operating debt cap to $10 million, allowing more family farmers to seek relief under the program.
Grassley says several years of low commodity prices, stringent farm lending regulations and market uncertainty have taken a toll on America's agriculture producers. Other supporters of the bill include Sens. Amy Klobuchar and Tina Smith of Minnesota, Patrick Leahy of Vermont, Thom Tillis of North Carolina, Doug Jones of Alabama, and Joni Ernst of Iowa.
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