US Congress Senate Bill 1086 (Prior Session Legislation)

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May 20 2009 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S5703)
Text: Latest bill text (Introduced) [PDF]

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 that 40 cattle, 30 swine, or other livestock in a quantity as determined by the Secretary of Agriculture. 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.

Livestock Marketing Fairness Act

Sen Dorgan, Byron L.

Sen Enzi, Michael B.

Sen Johnson, Tim

Sen Grassley, Chuck

Date	Chamber	Action
2009-05-20		Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S5703)
2009-05-20		Sponsor introductory remarks on measure. (CR S5702-5703)

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d111:SN01086:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-111s1086is/pdf/BILLS-111s1086is.pdf