A bill to amend the Agricultural Marketing Act of 1946 to foster efficient markets and increase competition and transparency among packers that purchase livestock from producers.

Summary

This bill establishes that a minimum of 50% of a covered packer's daily volume of livestock slaughter must be purchased through spot market sales from nonaffiliated producers. (The term covered packer applies to a packer that is required to report to the Department of Agriculture each reporting day information on the price and quantity of livestock purchased by such packer and does not include a packer that owns only one livestock processing plant.) A spot market sale is a purchase and sale of livestock by a packer from a producer under (1) an agreement that specifies a firm base price that may be equated with a fixed dollar amount on the date the agreement is entered into, (2) which the livestock are slaughtered not more than 14 days after the date on which the agreement is entered into, and (3) circumstances in which a reasonable competitive bidding opportunity exists on the date on which the agreement is entered into.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 May 2020

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 May 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 May 2020

  Open at official source

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