Amends the Packers and Stockyards Act, 1921 to prohibit livestock packers from owning, controlling, or feeding livestock to such an extent that the producer no longer materially participates in the management of the operation, with exceptions for: (1) animals held for not more than seven days before slaughter; (2) certain cooperatives that own, control or feed livestock and provide such livestock for slaughter; (3) packers that are not required to report price and quantity information on each reporting day; or (4) packers that own one livestock processing plant.