Russ Feingold: “although I object to numerous provisions in the underlying bill, S. 1301, the Consumer Bankruptcy Reform Act, I was…”

“although I object to numerous provisions in the underlying bill, S. 1301, the Consumer Bankruptcy Reform Act, I was pleased to work with the Chairman and Ranking Member to include provisions important to the farmers of this country. Mr. President, everyone knows that family farming is a high risk business. One that's effected more by outside, unanticipated forces-- for example, unstable markets, weather, and disease--than any other industry. To survive in such a volatile vocation, farmers are often given a bit of flexibility. This flexibility is the key to the survival of most family farms. Unfortunately, some farmers become overburdened by the financial hazards associated with the business and seek assistance in dealing with their creditors. In 1986, Senator Grassley added Chapter 12 to the bankruptcy code to satisfy the unique risks and needs of family farmers. Prior to that, farmers were forced to file for bankruptcy under Chapter 11, the Small Business specific Chapter. Although Chapter 12 has provided much needed relief for hundreds of family farmers, through the years, Chapter 12 has become outdated; its definitions, eligibility requirements and other provisions have not kept pace with changes in agriculture or in the nation's economy. Most disturbingly, the out of date eligibility requirements of this provision have excluded many who need it most and forced many farmers into Chapter 11.”