    [Weekly Compilation of Presidential Documents Volume 35, Number 13 (Monday, April 5, 1999)]
    [Page 537]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    Statement on Signing Legislation Extending Bankruptcy Code Provisions

    March 30, 1999

        Today I have signed into law H.R. 808, which extends the provisions
    of chapter 12 of the Bankruptcy Code until October 1, 1999.
        Chapter 12 of the Bankruptcy Code was enacted in 1986 to provide
    bankruptcy relief to our Nation's family farmers, who at the time were
    suffering through a severe agricultural crisis. The provisions of
    chapter 12 enabled family farmers to meet this financial crisis by
    allowing them to reorganize their debts and avoid the loss of their
    farms and way of life.
        Despite the general widespread economic prosperity of recent years,
    many of our Nation's family farmers and ranchers are having difficulties
    and face losing their property and their livelihoods. Chapter 12 is an
    effective tool to mitigate the effects of the current agricultural
    crisis on family farmers and ranchers and on communities that depend
    upon them. By making it easier for family farmers to work out their
    debts, chapter 12 also benefits creditors, who would be unlikely to
    obtain repayment if these farmers and ranchers went out of business.
        Although I have signed this temporary extension, I urge the Congress
    to protect those family farmers and ranchers in financial distress by
    making the provisions of chapter 12 permanent. I also urge the Congress
    to expedite passage of my request for emergency funding of $150 million
    to provide more than $1 billion in loans for farmers and ranchers.
                                                William J. Clinton
    The White House,
    March 30, 1999.

    Note: H.R. 808, approved March 30, was assigned Public Law No. 106-5.