Livestock Marketing Fairness Act

Summary

Livestock Marketing Fairness Act - Amends the Packers and Stockyards Act, 1921 to prohibit a livestock sale forward contract (with an exception for specified cooperatives) that: (1) does not contain a firm base price that may be equated to a fixed dollar amount on the contract day; (2) is not offered for open public bid; (3) is based on a formula price; or (4) provides for the sale of more than 40 cattle, 30 swine, or other livestock in a quantity as determined by the Secretary of Agriculture (USDA). Defines: (1) "firm base price" as a transaction using an external source reference price; (2) "formula price" as any price term that establishes a base from which a purchase price is calculated on the basis of a price that will not be determined or reported until a date after the forward price is established (with specified exclusions); and (3) "forward contract" as a livestock purchase contract that provides for livestock delivery to a packer at a date that is more than seven days after the date on which the contract is entered into, without regard to whether the contract is for a specified lot of livestock or a specified number of livestock over a certain period of time.

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Timeline

1. 19 May 2011

   Introduced

   Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

   Source: IntroReferral

2. 19 May 2011

   Introduced

   Sponsor introductory remarks on measure. (CR S3175-3176)

   Source: IntroReferral

3. 19 May 2011

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 May 2011 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 May 2011

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 May 2011

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 May 2011

  Open at official source

Sponsors

• Sen. Enzi, Michael B. [R-WY] · R · Sponsor
• Rep. Johnson, Tim [D-SD-At Large] · D · Sponsor
• Chuck Grassley · R · Sponsor
• Sen. Tester, Jon [D-MT] · D · Sponsor
• · ssaf00 · Standing

Related records

• related to → Livestock Marketing Fairness Act