Political Quotes

“Mr. President, I rise today to introduce, along with Senator Franken, the Family Farmer Bankruptcy Clarification Act of 2017. I thank Senator Franken for supporting and working with me, since the 112th Congress, on this important bill to help our Nation's family farmers. This bipartisan bill addresses the 2012 United States Supreme Court case Hall v. United States. In a 5-4 decision, the Supreme Court ruled a provision that I authored in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act did not accomplish what we in Congress intended. The Family Farmer Bankruptcy Clarification Act of 2017 corrects this unfortunate result and restores Congress's original intent. The bill clarifies that bankrupt family farmers reorganizing their debts, under chapter 12 of the bankruptcy code, may treat capital gains taxes owed to the government, arising from the sale of farm assets during the bankruptcy, as general unsecured claims. This bill will give family farmers a chance to reorganize successfully and remove the Internal Revenue Service's veto power over a plan's confirmation. Congress created chapter 12 in 1986 as a temporary measure to provide a specialized bankruptcy process for family farmers. In 2005, Congress made chapter 12 a permanent part of the bankruptcy code. Between 1986 and 2005, we learned what worked and did not work for family farmers reorganizing under chapter 12.…”