[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.