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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release October 12, 1999

STATEMENT BY THE PRESIDENT

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.

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