Cattle Market Reform Bill Introduced by Sen. Grassley
WASHINGTON D.C. – U.S. Senator Chuck Grassley (R-IA) introduced the Cattle Price Discovery and Transparency Act of 2023. Grassley says the legislation is designed to 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.
Under the Act, the Secretary of Agriculture would establish five to seven regions across the country to establish minimum levels of fed cattle purchases. A maximum penalty for covered packers who violate the Act would be $90,000. The contract library is hoped to expedite the reporting of cattle carcass weights and would require the packer to report the number of cattle scheduled to be delivered for slaughter each day for the next fourteen days.
The Act is supported by the Iowa Cattlemen’s Association, the Iowa Farm Bureau, the U.S. Cattlemen’s Association, and the National Farmers Union.