Robin Carnahan: “let me commend the two managers of this bill, Senator Harkin and Senator Lugar. Trying to forge a consensus on a farm…”

“let me commend the two managers of this bill, Senator Harkin and Senator Lugar. Trying to forge a consensus on a farm bill is a daunting task. The work is absolutely critical for family farmers in Missouri and throughout the Nation. This amendment is designed specifically to help ailing family farmers. It will make permanent chapter 12 of the bankruptcy law. Chapter 12 offers an expedited bankruptcy procedure to family farmers in an effort to accommodate their special needs. It was first enacted in 1986 and has been extended several times since then--in fact, twice last year. The provisions of chapter 12 allow family farmers to reorganize their debts as opposed to liquidating their assets. These provisions can be invaluable to farmers struggling to stay in business during difficult times. Unfortunately, chapter 12 expired on October 1 of last year. The Carnahan-Hutchinson amendment seeks to make permanent these bankruptcy provisions and reinstates them retroactively to the date when they last expired. The retroactivity will ensure there are no gaps in availability of these procedures. The larger bankruptcy reform bill currently pending before the House- Senate conference committee includes a permanent extension of chapter 12. Nevertheless, America's family farmers should not have to wait for us to complete our work on the bankruptcy reform bill.”