Senators announce cattle market compromise bill
The four U.S. Senators who have led the charge addressing the price imbalance in the cattle industry have announced a compromise bill.
Republicans Chuck Grassley of Iowa and Deb Fischer of Nebraska, along with Democrats Jon Tester of Montana and Oregon’s Ron Wyden plan to introduce the Cattle Price Discovery and Transparency Act this week.
Iowa Cattlemen’s Association CEO Matt Deppe tells Brownfield the proposed legislation addresses the cattle industry’s concerns with Senator Grassley’s 50/14 bill.
“If certain regions market more cattle on a cash negotiated-type transaction versus a formula transaction, it’ll be good for the whole Beef Belt so to speak.”
Grassley says the bill takes several steps to improve cattle price transparency and will improve market conditions for independent producers across the country.
Fischer says the compromise proposal, which should be introduced in the coming days, takes regional differences into account, and ensures fairness for every segment of the supply chain.