The Cattle Price Discovery and Transparency Act introduced last week looks to provide what supporters of the legislation call fairness in cattle markets. Farm Bureau Congressional Relations Director Scott Bennett said the legislation, a compromise of bills by Senator Chuck Grassley of Iowa and Senator Deb Fischer of Nebraska, has potential.
“This act has many of the same tenants that we saw in Senator Fischer’s bill. It would take an average of the previous 18 months to establish a mandatory minimum for each region. The mandatory minimum would be reviewed every two years and no one region could be more than 300 percent of the minimum mandatory negotiated trade of the lowest region.”
Bennett added cattle market transparency is a policy objective for the Farm Bureau this year.
“This bill fits squarely within American Farm Bureau policy. We support the bill, and we hope that parts of this bill are incorporated into Livestock Mandatory Reporting reauthorization. However, it is of utmost importance for Farm Bureau that Livestock Mandatory Reporting does not lapse.”
Livestock Mandatory Reporting will expire December 3rd, unless reauthorized by lawmakers.
“Senator Fischer and Senator Grassley will be working closely with the Senate and House Agriculture Committee to get portions, if not all of this bill, into Livestock Mandatory Reporting reauthorization,” Bennett noted. “If that is reauthorized, we will see an effort, then, to incorporate parts of this bill into the next authorization of Livestock Mandatory Reporting.”
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