S 1026 · 112th Congress 2011–2013, ended

Livestock Marketing Fairness Act

Introduced May 19, 2011 Originated Senate Sponsor Michael B. Enzi R-WY

Fact sheet

Latest action · May 19, 2011 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMay 19, 2011
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

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.

Cosponsors 3

Members who signed on, in the order they did. All signed on May 19, 2011.

SeatCosponsorSigned on
R-IAChuck GrassleyOriginalMay 19, 2011
D-MTJon TesterOriginalMay 19, 2011
D-SDTim JohnsonOriginalMay 19, 2011

Actions 3

Everything that happened, newest first.

  1. May 19, 2011Introduced in Senate
  2. May 19, 2011Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
  3. May 19, 2011Sponsor introductory remarks on measure. (CR S3175-3176)

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HR 2631Livestock Marketing Fairness ActIdentical billAug 10, 2011

Subjects

Assigned by the Library of Congress. Policy area: Agriculture and Food.

Text 1

Each version as it was printed, newest first.

  1. May 19, 2011Introduced in Senate

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

$1 $5 $10

Processed by Stripe in a separate window. LegiList never sees card details.

Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.