Bill with Iowa Republican Senator Chuck Grassley would give a fairer shake to farmers who need to reorganize debts when facing bankruptcy

A bipartisan measure authored by Sens. Al Franken (D-Minn.) and Chuck Grassley (R-Iowa) to support struggling family farmers in the Midwest and across the country has been signed into law by the President.

The Family Farmer Bankruptcy Clarification Act of 2017 enables family farmers in Minnesota, Iowa, and across the country to get a fairer shake when they fall on hard times. In 2005, Congress passed a measure to address the unique financial situations of family farmers who are reorganizing their assets following bankruptcy. However, a 2012 Supreme Court ruling found that the 2005 law, as written, failed to achieve Congress’ express goal of helping family farmers. Sens. Grassley and Franken’s Family Farmer Bankruptcy Clarification Act of 2017 clarifies the law’s intent by ensuring that it protects family farmers.

“This bipartisan win is the product of two Midwest farm state Senators working together to support our family farmers,” said Sen. Franken. “This is a commonsense fix that will give farmers in Minnesota and across the country a fairer shake when they fall on hard times, and I’m glad to see that it’s now the law of the land. Our law will help ensure that farmers—who are some of the hardest-working folks in the country—can repay the debts they owe without sacrificing their families’ futures.”

Read more about the Family Farmer Bankruptcy Clarification Act here.