CONDE, S.D. (WNAX) – House Agriculture Committee Chairman Collin Peterson of Minnesota is co-sponsoring the Family Farm Relief Act of 2019. If passed, the legislation would ease the process of reorganizing debt through Chapter 12 bankruptcy rules.
South Dakota Farmers Union President Doug Sombke says the measure which he supports, is badly needed.
He says up to this point Congress has failed to address the economic problems farmers and ranchers are facing.
Sombke says besides helping farmers and ranchers deal with their debt, Congress also needs to help smaller banks which provide loans to those producers.
The Family Farmer Relief Act expands the debt cap that can be covered under Chapter 12 bankruptcy from $3.2 million to $10 million. Joining Farmers Union in backing the measure is the American Farm Bureau Federation.