Tammy Baldwin: “Mr. Speaker, the bipartisan legislation before us, H.R. 256, which I am sponsoring with the gentleman from Michigan (Mr.…”

“Mr. Speaker, the bipartisan legislation before us, H.R. 256, which I am sponsoring with the gentleman from Michigan (Mr. Smith) would restore needed bankruptcy protection for family farmers. Last June the authorization for chapter 12 of the Bankruptcy Code expired. Since that time, family farmers who must turn to the Bankruptcy Code have faced almost certain liquidation of their assets and an end to their family farms and their way of life. Our legislation, H.R. 256, would restore chapter 12 to the Bankruptcy Code through May 31, 2001. The bankruptcy reform bill which is scheduled for floor action tomorrow, that is H.R. 333, includes a permanent reauthorization of chapter 12. But since the current authorization has expired, farmers need immediate relief. With planting season just about to begin, farmers need to know that they can reorganize and keep their farms. With milk at lowest prices in decades, far below the break-even point, dairy farmers need to know that they have this option, too. Our bill would provide security for family farmers in crisis; the security that they need to decide whether they can stay in business during these incredibly difficult times. I urge my colleagues to support this bill.”