[Congressional Record (Bound Edition), Volume 149 (2003), Part 15]
[Senate]
[Page 20841]
[From the U.S. Government Publishing Office, www.gpo.gov]



  (At the request of Mr. Daschle, the following statement was ordered 
to be printed in the Record.)

             EXTENSION OF CHAPTER 12 OF THE BANKRUPTCY CODE

 Mr. FEINGOLD. Mr. President, I am pleased that the majority 
has finally cleared H.R. 2465, to extend Chapter 12 of the Bankruptcy 
Code for another six months. As a consponsor of companion legislation, 
S. 1323, I have been working to get this done ever since the House 
passed its bill on June 23 by a vote 379-3. Chapter 12 expired at the 
end of June. It is unfortunate that it took an entire month for the 
Senate to take up this simple bill that keeps in place special 
simplified bankruptcy provisions for family matters. But with the 
harvest season just around the corner in many of our States. I am 
pleased that the Senate has taken this action. We have helped many 
farmers who are in difficult financial straits. That is a good thing.
  It is high time that the Congress made chapter 12 permanent. It has 
been in place since the mid-1980s and has worked well. Along with the 
Senator from Iowa, Mr. Grassley, I have championed taking this step 
along with the number of important improvements to chapter 12, 
including adjusting the income limitations for inflation, which has 
never been done. The major bankruptcy bill that has been before the 
Congress for a number of years includes those improvements. I oppose 
the overall bankruptcy bill, but I believe that the provisions dealing 
with chapter 12 can and should be passed independently. Family farmers 
in difficult financial situations deserve our support. I applaud the 
Senate for finally passing this short extension, and I hope we will 
make chapter 12 permanent before the end of the year, when another 
extension will be necessary.

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