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Code · BILL · 117th Congress · H.R. 3766 (Introduced in House) — To amend the Packers and Stockyards Act, 1921, to establish a cattle contract library, and for other purposes. · Sec. 4

Sec. 4. Cash market acquisition of cattle

712 words·~3 min read·/bill/117/hr/3766/ih/section-4

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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 — has the meaning given the term in section 221 of the Agricultural Marketing Act of 1946 ( 7 U.S.C. 1635d ); and for calendar years beginning on or after January 1, 2022, includes only a federally-inspected cattle processing plant that slaughtered an average of 125,000 head of cattle per year during the immediately preceding 5 calendar years.
The term producer means a person engaged in the business of selling cattle to a packer for slaughter. The term regional mandatory minimum means, for each reporting region (as designated by the Agricultural Marketing Service), of the number of transactions and quantity of cattle purchased for slaughter by a packer in that region each slaughter week, the minimum number of such transactions and the minimum percentage of such cattle, respectively, that are 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 2 years after the date of enactment of this subtitle, the Secretary, in consultation with the Chief Economist, shall establish— regional mandatory minimums for the purpose of enhancing price discovery and transparency for cattle market participants; and methods for establishing those regional mandatory minimums, which shall be publicly available.
Regional mandatory minimums established for each reporting region under subsection (a)(1)— may be weekly or on another periodic basis, as determined by the Secretary; shall account for improbable events with profound consequences (commonly referred to as black swan events ); and shall be applicable for not more than a 24-month period. In carrying out subsection (a), the Secretary shall make all proposed regional mandatory minimums and proposed methods for establishing those minimums subject to a notice and comment period.
In carrying out subsection
(a)for each reporting region, the Secretary, in consultation with the Chief Economist, 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. The number of pricing transactions (pens of cattle sold) in the reporting region. In carrying out subsection (a), the Secretary, in consultation with the Chief Economist, shall take into account relevant research conducted by land-grant colleges and universities (as defined in section 1404 of the National Agricultural Research, Extension, and Teaching Policy Act of 1977 ( 7 U.S.C. 3103 )). On establishing regional mandatory minimums under subsection (a)(1), the Secretary— shall review the regional mandatory minimums not less frequently than once every 2 years; and may, in consultation with the Chief Economist, modify the regional mandatory minimums after— making the proposed modification subject to a notice and comment period; and consulting with representatives of the United States cattle and beef industry. On establishing regional mandatory minimums under subsection (a)(1), the Secretary shall— regularly monitor compliance by packers with those regional mandatory minimums; and enforce this section in accordance with section 203. Not later than 3 years after establishing regional mandatory minimums under subsection (a)(1), the Secretary, in consultation with the Chief Economist, shall conduct a quantifiable, data-driven cost-benefit analysis regarding the operation and effect of those regional mandatory minimums. .
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Sec. 4
Cash market acquisition of cattle
U.S.C.§ 191
U.S.C.§ 1635d
U.S.C.§ 1635a
U.S.C.§ 3103
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