President Trump Signs Grassley Bill to Help Family Farmers Reorganize Debts
Aug 23, 2019
BUTLER COUNTY, IOWA – President Donald Trump today signed into law legislation authored by Senator Chuck Grassley (R-Iowa) to help family farmers who have fallen on hard times. The Family Farmer Relief Act expands access to debt reorganization procedures designed specifically to address the unique needs of family farmers.
“More than 30 years ago, Congress created tools to help family farmers reorganize their debts and get back on their feet. Since then, the price of farmland has increased dramatically, forcing small farmers to take on more debt. Low commodity prices have pushed farm debts even higher. The Family Farmer Relief Act recognizes these realities and adjusts the law accordingly. It’s a simple one-sentence bill, but it can make a world of difference for American farm families. I applaud President Trump’s action today to expand these safeguards for America’s farmers,” Grassley said.
Recognizing the unique challenges that family farmers and fishers face, Congress established Chapter 12 of the U.S. bankruptcy code, which removes certain costly reorganization requirements intended for large corporations. The Family Farmer Relief Act, authored by Grassley, raises the Chapter 12 operating debt cap to $10 million, allowing more family farmers to seek relief under the program. More information about this bill is available HERE.