Mandatory Price Reporting Act of 2010

I yield myself such time as I may consume.

Madam Speaker, S. 3656, the Mandatory Price Reporting Act of 2010, is a straightforward, 5-year reauthorization of a program that began with passage of the original legislation in 1999. The original act came as a result of many months of negotiations between a broad array of industry participants and required packers to report livestock purchase prices to USDA's Agriculture Marketing Service. Both producers and packers agree that mandatory price reporting plays an important role in transparent, accurate and timely decision-making for participants in today's livestock markets.

This program was last reauthorized during the 109th Congress. As with that original legislation and subsequent reauthorizations or amendments, S. 3656 represents a consensus view of many producer and packer interests with a direct stake in the reporting program. Anyone familiar with animal agriculture knows how challenging it can be to have this many competing interests--from producers to processors-- achieve an agreement.

S. 3656 will make some small changes to the existing reporting program. First, reporting of wholesale pork cuts will be required for the first time. The details of this new rule will be worked out in the rulemaking process. Second, there will now be reporting on a weekly basis of pork exports. Finally, the legislation directs the Secretary to implement an electronic system of dairy price reporting in the absence of an appropriation for this purpose.

Companion legislation, H.R. 5852, passed the House Agriculture Committee on July 28. Since mandatory price reporting expires on September 30, it is timely that we are acting today. I advocate passage of the legislation.

Madam Speaker, I yield back the balance of my time.

Madam Speaker, I move to suspend the rules and pass the bill (S. 3656) to amend the Agricultural Marketing Act of 1946 to improve the reporting on sales of livestock and dairy products, and for other purposes.

Madam Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks on the bill, S. 3656.

Madam Speaker, I yield myself such time as I may consume.

The Mandatory Price Reporting Act of 2010 will authorize for 5 years the mandatory price reporting programs run by the United States Department of Agriculture. This act requires sales information to be reported and published in a timely fashion, allowing livestock buyers and sellers to make more informed decisions.

The Mandatory Price Reporting Act of 2010 adds mandatory reporting for wholesale pork cuts and pork exports. It also requires USDA to establish an electronic reporting system for dairy products so that price information is made available more quickly.

Madam Speaker, reauthorizing mandatory price reporting programs provides producers with the transparent, accurate and timely market information they need. I urge passage of the Mandatory Price Reporting Act of 2010.

Madam Speaker, I reserve the balance of my time.

Madam Speaker, I urge my colleagues to pass this very timely and needed bill to modernize our marketing system and to bring transparency to our buyers and purchasers within our livestock industry and within the animal agriculture industry. It is important for our Nation.

Madam Speaker, I yield back the balance of my time.