Herb Kohl: “I rise to join Senator Grassley as a cosponsor of ``Safeguarding America's Farms Entering the Year 2000.'' This measure…”

“I rise to join Senator Grassley as a cosponsor of ``Safeguarding America's Farms Entering the Year 2000.'' This measure would make permanent the bankruptcy code provisions that protect family farmers in hard times by giving them the ability to hold on to their farms while they reorganize their finances. Without prompt action by Congress, the bankruptcy laws for family farmers, known as Chapter 12, will expire on April 1, 1999. When Congress first enacted Chapter 12 in 1986 for seven years, we intended to make Chapter 12 permanent if it proved successful. Already, Chapter 12 has been extended twice, in 1993 and again last year. Family farmers need this permanent protection because Chapter 12 works. It takes into consideration the unique circumstances faced by family farmers. It recognizes our special interest in keeping family farms in the family, where possible. And in practice it pays off-- according to the National Bankruptcy Review Commission, farmers in Chapter 12 are more likely to successfully reorganize than individuals filing under parallel chapters. The continued success of the tens of thousands of family farmers in Wisconsin--and millions nationwide--is important to our national interest. But their well-being is too often jeopardized by elements out of their control. For example, many Wisconsin farmers now are facing distress due to unusually low prices for hogs, corn and soy beans.”