The U.S. Senate this week passed the Family Farmer Relief Act of 2019, a bill that will expand family farmers’ access to relief under Chapter 12 farm bankruptcy rules by increasing the debt limit from $4.2 million to $10 million. The bill, which was approved by the House of Representatives last week, now awaits President Donald Trump’s signature.
National Farmers Union (NFU) endorsed the legislation when it was first introduced in April, as it would help more family farmers avoid liquidation or foreclosure. NFU President Roger Johnson released the following statement in response to its passage:
“Chronic overproduction, an ongoing international trade war, and a series of extreme weather events have created a perfect storm for the farm economy. Farm debt is at a record high, and too many operations have been pushed to the brink financially. The Family Farmer Relief Act will help more family farmers access Chapter 12 relief, giving them a fighting chance to stay in business. We applaud Congress for passing this important legislation, and we urge President Trump to swiftly enact it into law.”