S.1026 - Livestock Marketing Fairness Act112th Congress (2011-2012)
|Sponsor:||Sen. Enzi, Michael B. [R-WY] (Introduced 05/19/2011)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 05/19/2011 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (All Actions)|
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Summary: S.1026 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (05/19/2011)
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.