Asa Hutchinson: “I commend Senator Carnahan for her excellent statement and for introducing this amendment. I am proud to be a cosponsor.…”

“I commend Senator Carnahan for her excellent statement and for introducing this amendment. I am proud to be a cosponsor. Earlier today I filed amendment No. 2828 which did precisely this, making permanent chapter 12 provisions and making them retroactive. Obviously, there is no need to pursue that amendment. I am very pleased to be able to cosponsor this amendment with Senator Carnahan. I look forward to its quick passage as well. I was very disappointed earlier today in the payment limitation amendment being adopted and the consequences I believe it will have for southern agriculture. I know other parts of the country do not face that problem and will not see the impact we will see in Arkansas, Mississippi, Alabama, and across the South. Consequences will be real and severe. That is why the permanent extension of the chapter 12 bankruptcy for farmers is so essential. It is unfortunate it is so essential. We talk of our farm bill having a safety net. That safety net expired last year, and the enactment of chapter 12 bankruptcy is critical. The temporary basis of past law has Members again seeking to protect our Nation's farmers. This law was enacted on a temporary basis because Congress did not know whether it would work. We now know it does work and it should be permanently enacted. It was passed back in 1986. In the past 14 years, 20,000 American farmers have filed to reorganize their debts under its protection.”