S. 1086Senate111th Congress (2009-2011)In Committee

Livestock Marketing Fairness Act

Introduced May 20, 2009

Legislative Activity

Stay on top of the latest movement without scrolling through every action

2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S5703)

May 20, 2009

View full timeline
SenateIntro Referral

Introduced in Senate

May 20, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S5702-5703)

May 20, 2009

SenateIntro Referral

Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S5703)

May 20, 2009

Floor Debate

12 members

What members said about S. 1086 on the floor

3 Republicans9 Democrats
Richard J. Durbin
Sen. Richard J. DurbinD-IL · May 20, 2009

Mr. President, today I am introducing a bill, together with my Republican colleague Senator Orrin Hatch, that will help the financial security of Federal judges and their families. It will do so…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · May 20, 2009

Mr. President, I rise today to speak in favour of the Domestic Partner Benefits and Obligations Act, which I am introducing with my colleague and friend on the Homeland Security and Governmental…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · May 20, 2009

Mr. President, I rise today to introduce the Medicare Payment Advisory Commission MedPAC Reform Act, legislation to elevate MedPAC to an executive branch entity and give it the resources and…

Mark L. Pryor
Sen. Mark L. PryorD-AR · May 20, 2009

Mr. President, I rise today to introduce legislation with Senators Snowe, Nelson of Nebraska, and Wicker. The legislation that we are introducing today is aptly named The Safe Roads Act of 2009, as…

Michael B. Enzi
Sen. Michael B. EnziR-WY · May 20, 2009

President, I rise to speak on the introduction of the Livestock Marketing Fairness Act. I want to also acknowledge that I am joined in introducing this legislation by Senators Dorgan, Grassley, and…

Show 8 more
Michael B. Enzi
Sen. Michael B. EnziR-WY · May 20, 2009

President, I rise to speak on the introduction of the Livestock Marketing Fairness Act. I want to also acknowledge that I am joined in introducing this legislation by Senators Dorgan, Grassley, and…

Max Baucus
Sen. Max BaucusD-MT · May 20, 2009

Mr. President, this Nation and this body have debated divisive trade issues for more than a century. In the 1820s, the cotton, indigo, and rice exporting southern States quarreled with northern…

Tom Udall
Sen. Tom UdallD-NM · May 20, 2009

Mr. President, today I join Senator Bingaman in introducing a bill to complete the Aamodt water settlement in northern New Mexico. Introduction of this bill represents a major milestone in the…

Jeff Bingaman
Sen. Jeff BingamanD-NM · May 20, 2009

Mr. President, today Senator Udall and I are introducing a bill that will help end a contentious dispute over water rights claims in the Rio Pojoaque general stream adjudication in New Mexico. This…

Richard Burr
Sen. Richard BurrR-NC · May 20, 2009

Mr. President, I rise today to speak on the pressing issue of health care in America. Millions of Americans go without health insurance each year. Especially during these tough economic times, many…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · May 20, 2009

Mr. President, I am pleased to join my colleague from Illinois and fellow Judiciary Committee member, Senator Durbin, in introducing the Judicial Survivors' Protection Act of 2009. This legislation…

John F. Kerry
Sen. John F. KerryD-MA · May 20, 2009

Mr. President, today I am introducing the Energy Fairness for America Act which repeals tax incentives for the oil and gas industry. This is the third consecutive Congress in which I have introduced…

Ron Wyden
Sen. Ron WydenD-OR · May 20, 2009

Mr. President, I rise to discuss the subject of U.S. energy policy and to introduce a series of bills to address this issue,

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued May 20, 2009

II

111th CONGRESS

1st Session

S. 1086

IN THE SENATE OF THE UNITED STATES

May 20, 2009

Mr. Enzi (for himself, Mr. Dorgan, Mr. Johnson, and Mr. Grassley) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

To amend the Packers and Stockyards Act, 1921, to prohibit the use of certain anti-competitive forward contracts.

1.

Short title

This Act may be cited as the Livestock Marketing Fairness Act.

2.

Purpose

The purpose of the amendments made by this Act is to prohibit the use of certain anti-competitive forward contracts—

(1)

to require a firm base price in forward contracts and marketing agreements; and

(2)

to require that forward contracts be traded in open, public markets.

3.

Limitation on use of anti-competitive forward contracts

(a)

In general

Section 202 of the Packers and Stockyards Act, 1921 (7 U.S.C. 192), is amended—

(1)

by striking Sec. 202. It shall be and inserting the following:

202.

Unlawful practices

(a)

In general

It shall be

;

(2)

by striking to: and inserting to—;

(3)

by redesignating subsections (a), (b), (c), (d), (e), (f), and (g) as paragraphs (1), (2), (3), (4), (5), (7), and (8), respectively, and indenting appropriately;

(4)

in paragraph (7) (as redesignated by paragraph (3)), by designating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively, and indenting appropriately;

(5)

in paragraph (8) (as redesignated by paragraph (3)), by striking subdivision (a), (b), (c), (d), or (e) and inserting paragraph (1), (2), (3), (4), (5), or (6);

(6)

in each of paragraphs (1), (2), (3), (4), (5), (7), and (8) (as redesignated by paragraph (3)), by striking the first capital letter of the first word in the paragraph and inserting the same letter in the lower case;

(7)

in each of paragraphs (1) through (5) (as redesignated by paragraph (3)), by striking or at the end;

(8)

by inserting after paragraph (5) (as redesignated by paragraph (3)) the following:

(6)

except as provided in subsection (c), use, in effectuating any sale of livestock, a forward contract that—

(A)

does not contain a firm base price that may be equated to a fixed dollar amount on the day on which the forward contract is entered into;

(B)

is not offered for bid in an open, public manner under which—

(i)

buyers and sellers have the opportunity to participate in the bid; and

(ii)

buyers and sellers may witness bids that are made and accepted;

(C)

is based on a formula price; or

(D)

subject to subsection (b), provides for the sale of livestock in a quantity in excess of—

(i)

in the case of cattle, 40 cattle;

(ii)

in the case of swine, 30 swine; and

(iii)

in the case of other types of livestock, a comparable quantity of the type of livestock determined by the Secretary.

; and

(9)

by adding at the end the following:

(b)

Adjustments

The Secretary may adjust the maximum quantity of livestock described in subsection (a)(6)(D) to reflect advances in marketing and transportation capabilities if the adjusted quantity provides reasonable market access for all buyers and sellers.

(c)

Exemption for cooperatives

Subsection (a)(6) shall not apply to—

(1)

a cooperative or entity owned by a cooperative, if a majority of the ownership interest in the cooperative is held by active cooperative members that—

(A)

own, feed, or control livestock; and

(B)

provide the livestock to the cooperative for slaughter;

(2)

a packer that is not required to report to the Secretary on each reporting day (as defined in section 212 of the Agricultural Marketing Act of 1946 (7 U.S.C. 1635a)) information on the price and quantity of livestock purchased by the packer; or

(3)

a packer that owns 1 livestock processing plant.

.

(b)

Definitions

Section 2(a) of the Packers and Stockyards Act, 1921 (7 U.S.C. 182(a)) is amended by adding at the end the following:

(15)

Firm base price

The term firm base price means a transaction using a reference price from an external source.

(16)

Formula price

(A)

In general

The term formula price means 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 day the forward price is established.

(B)

Exclusion

The term formula price does not include—

(i)

any price term that establishes a base from which a purchase price is calculated on the basis of a futures market price; or

(ii)

any adjustment to the base for quality, grade, or other factors relating to the value of livestock or livestock products that are readily verifiable market factors and are outside the control of the packer.

(17)

Forward contract

The term forward contract means an oral or written contract for the purchase of livestock that provides for the delivery of the livestock to a packer at a date that is more than 7 days after the date on which the contract is entered into, without regard to whether the contract is for—

(A)

a specified lot of livestock; or

(B)

a specified number of livestock over a certain period of time.

.