I have signed into law S. 1606, which extends the provisions of chapter 12 of the Bankruptcy Code until July 1, 2000.
Chapter 12 of the Bankruptcy Code was enacted in 1986 to provide bankruptcy relief to our Nation's family farmers, enabling them to avoid the loss of their farms and their way of life. Chapter 12 has also benefited creditors, who would be unlikely to obtain repayment if these farmers went out of business.
This is the third short-term extension of chapter 12 that I have approved since last fall. As I stated in March when I approved the most recent extension, I urge the Congress to make chapter 12 permanent.
WILLIAM J. CLINTON
The White House, October 9, 1999.
NOTE: S. 1606, approved October 9, was assigned Public Law No. 106-70. This statement was released by the Office of the Press Secretary on October 12.
William J. Clinton, Statement on Signing Family Farmers Bankruptcy Relief Legislation Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/226266