A bipartisan group of Senators have introduced the Cattle Price Discovery and Transparency Act of 2023. The group includes Senator Chuck Grassley, along with fellow Republican Deb Fischer, and Democrats Ron Wyden and Jon Tester.
The lawmakers say the legislation would restore transparency and accountability in the cattle market by establishing regional cash minimums and equipping producers with more market information, including permanently authorizing a cattle contract library.
Grassley says, “It’s past time for Congress to stand with independent cattle producers and put an end to the cozy relationship between large meat packers and big cattle feedlots.”
The legislation requires the creation of 5-7 regions encompassing the entire continental U.S., and then establish minimum levels of fed cattle purchases made through an approved pricing mechanism. The bill would also establish a maximum penalty for covered packers of $90,000 for mandatory minimum violations. The legislation also creates a publicly available library of marketing contracts.
(From the National Association of Farm Broadcasters)