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Cattle Contract Library Act of 2021
4/17/2024, 11:45 PM
Summary of Bill HR 5609
The purpose of the Cattle Contract Library is to increase transparency and fairness in the cattle market, allowing producers to make more informed decisions when entering into contracts with buyers. By providing easy access to information on past contracts and market trends, the database aims to level the playing field for smaller producers and prevent unfair practices in the industry.
The bill also includes provisions for the protection of confidential business information, ensuring that sensitive data is not disclosed to the public. Additionally, the Secretary of Agriculture is directed to consult with industry stakeholders and experts in developing and maintaining the database, to ensure that it meets the needs of both producers and buyers. Overall, the Cattle Contract Library Act of 2021 seeks to promote a more transparent and competitive cattle market, benefiting both producers and consumers. It represents a bipartisan effort to address concerns about market fairness and provide valuable information to stakeholders in the industry.
Congressional Summary of HR 5609
Cattle Contract Library Act of 2021
This bill directs the Department of Agriculture (USDA) to establish and maintain a library or catalog of each type of contract offered by packers to producers for the purchase of all or part of the production of fed cattle (including cattle that are purchased or committed for delivery), including any schedules of premiums or discounts associated with the contract.
USDA must make the library or catalog publicly available in a user-friendly format and provide weekly or monthly reports as applicable.
The bill makes it unlawful for any packer to willfully fail or refuse to provide USDA with accurate contractual information or to comply with any other requirements under the bill.
The Agricultural Marketing Service must provide competitive grants to state agricultural experiment stations, universities, national laboratories, and other entities for producer outreach and education efforts on best uses of cattle market information, including information made available through the livestock mandatory reporting program and the library or catalog.
