House Advances Legislation to Provide Certainty and Increase Transparency in Cattle Markets

Dan Cattle, Legislative, Marketing

cattle markets

This week, the U.S. House of Representatives passed a pair of bills to provide certainty and transparency in cattle markets—H.R. 5609, the Cattle Contract Library Act introduced by Livestock and Foreign Agriculture Subcommittee Republican Leader Dusty Johnson, and H.R. 5290, a one-year extension for the Livestock Mandatory Reporting (LMR) Act introduced by Chairman David Scott. The current LMR authorization is set to expire on February 18, 2022.

Following passage of these bills, Republican Leader Glenn ‘GT’ Thompson issued this statement:

“On multiple occasions, the House Agriculture Committee has heard from a diverse group of livestock industry stakeholders about the challenges they are facing and ideas for potential marketplace reforms. In my mind, those discussions have made a few things abundantly clear.

“First, despite what we hear from a vocal faction, there is not consensus among industry stakeholders on proposals that mandate certain levels of cash trades of cattle, and respected economists have repeatedly cautioned against such proposals.

“Second, everyone seems to agree that more market transparency is a good thing, and a contract library could be helpful in providing that additional transparency.

“Finally, producers can’t afford to lose access to the information already provided through the Livestock Mandatory Reporting program, so it is essential we prevent a lapse in program authority. I am pleased to see these principals reflected in the bills passed.”