Iowa Senator Chuck Grassley is praising a bipartisan compromise bill that aims to return fairness to the cattle marketplace dominated by four major meat packers.
On Tuesday, Grassley joined Senators Deb Fischer of Nebraska, Jon Tester of Montana, and Ron Wyden of Oregon in announcing the Cattle Price Discovery and Transparency Act. Grassley tells farm reporters the bill is a compromise between his 50/14 legislation and Senator Fischer?s Cattle Market Transparency Act.
?You?ve heard me talk so many times to you about my top priority to pass legislation to improve market conditions for independent cattle producers,? said Grassley. ?I am proud to announce that we are a big step closer to making that happen.?
Grassley says Iowa cattle producers are in need of legislation that will help alleviate the discrepancies and concerns in the cattle market that have long plagued the industry.
?I?ve heard directly from cattle producers that feel they aren?t getting a fair price for their cattle from the Big Four meat packers as they rake in the profits,? said Grassley. ?You?ve heard me say a couple figures from back in June that one week the packers were making $1,200 a head and then another week $800 a head. The farmers weren?t making anything.?
Grassley explains some of the key measures in the compromise legislation.
?Our bill has strong provisions that were included in my 50/14 bill, including new reporting for packers,? said Grassley. ?While I did have to compromise on the 50 percent mandatory minimum of negotiated cash trade, I do believe the bill will stop the erosion of the cash market.?
Grassley says the senators plan to introduce the Cattle Price Discovery and Transparency Act in the coming days.
?The next month will be critical as we talk to leadership of the Agriculture Committees in both the House and Senate to get the bill included in the reauthorization of Livestock Mandatory Reporting legislation,? said Grassley. ?Producers across the country are counting on Congress to make real reforms to the cattle market, and this is one of my two big goals for this year.?
The proposal is endorsed by a number of state and national organizations, including the Iowa Cattlemen?s Association, Iowa Farm Bureau, American Farm Bureau, National Farmers Union and U.S. Cattlemen?s Association.
