Legislation that would make it easier for family farmers to reorganize debts when facing bankruptcy received final approval this week, sending the measure to the president’s desk for signature. The bill was included as part of the supplemental appropriations package approved Tuesday in the Senate by a vote of 82-17. The measure would rectify a 2012 Supreme Court ruling on a previous bankruptcy reform law that ignored Congress’ goal of helping family farmers, according to sponsors of the legislation. The Family Farmer Bankruptcy Clarification Act of 2017 is sponsored by Senate Republican Chuck Grassley of Iowa
and Democrat Al Franken of Minnesota. Franken said the bill is a “commonsense fix to ensure that the law functions as intended” and would protect family farmers across the nation.
Source: NAFB News Service