Sec. 3. Cash market acquisition of cattle
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Title II of the Packers and Stockyards Act, 1921 ( 7 U.S.C. 191 et seq.) (as amended by section 2), is amended by adding at the end the following: In this subtitle: The term negotiated grid purchase means a purchase of cattle by a packer from a producer under which— the buyer-seller interaction results in a negotiated base price, which may be adjusted by premiums and discounts; and the cattle are scheduled for delivery to the packer not more than 14 days after the date on which the agreement for purchase is made.
The term negotiated purchase means a purchase of cattle (commonly known as a cash or spot market purchase) by a packer from a producer under which— the buyer-seller interaction that results in the purchase and the agreement on the actual base price for the purchase occur on the same day; and the cattle are scheduled for delivery to the packer not more than 30 days after the date on which the agreement for purchase is made. The term packer does not include a packer that owns only 1 livestock processing plant.
The term producer has the meaning given the term in section 212 of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1635a ). The term regional mandatory minimum means, for each reporting region (as designated by the Agricultural Marketing Service), of the quantity of cattle purchased for slaughter by a packer in that region each slaughter week, the minimum percentage of such cattle that is required to be purchased through negotiated purchases or negotiated grid purchases from producers.
The term slaughter week has the meaning given the term current slaughter week in section 212 of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1635a ). Not later than 1 year after the date of enactment of this subtitle, the Secretary shall establish regional mandatory minimums for the purpose of enhancing price discovery and transparency for cattle market participants. In carrying out subsection (a), the Secretary shall make each proposed regional mandatory minimum subject to a notice and comment period.
In carrying out subsection
(a)for each reporting region, the Secretary shall consider the following factors: The number of packers in the reporting region. The availability of cattle in the reporting region. Pre-existing contractual arrangements of packers in the reporting region. On establishing regional mandatory minimums under subsection (a), the Secretary shall— regularly monitor compliance by packers with those regional mandatory minimums; and enforce this section in accordance with section 203. .
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