US SB1026 | 2011-2012 | 112th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 19 2011 - 25% progression, died in committee
Action: 2011-05-19 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Pending: Senate Agriculture, Nutrition, And Forestry Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 19 2011 - 25% progression, died in committee
Action: 2011-05-19 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Pending: Senate Agriculture, Nutrition, And Forestry Committee
Text: Latest bill text (Introduced) [PDF]
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.
Title
Livestock Marketing Fairness Act
Sponsors
Sen. Michael Enzi [R-WY] | Sen. Chuck Grassley [R-IA] | Sen. Tim Johnson [D-SD] | Sen. Jon Tester [D-MT] |
History
Date | Chamber | Action |
---|---|---|
2011-05-19 | Senate | Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. |
2011-05-19 | Senate | Sponsor introductory remarks on measure. (CR S3175-3176) |
Same As/Similar To
HB2631 (Same As) 2011-08-10 - Referred to the Subcommittee on Livestock, Dairy, and Poultry.
Subjects
Agricultural marketing and promotion
Agricultural prices, subsidies, credit
Agriculture and food
Contracts and agency
Livestock
Agricultural prices, subsidies, credit
Agriculture and food
Contracts and agency
Livestock
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/senate-bill/1026/all-info |
Text | https://www.congress.gov/112/bills/s1026/BILLS-112s1026is.pdf |