Mr. President, I am pleased to be joined by my colleagues, Senators Chambliss and Grassley, to introduce legislation that would reauthorize mandatory price reporting for another 5 years. This bill will guarantee transparency of the…
Mr. President, I am pleased to be joined by my colleagues, Senators Chambliss and Grassley, to introduce legislation that would reauthorize mandatory price reporting for another 5 years. This bill will guarantee transparency of the livestock marketing sector and help improve producers' timely access to market prices so that they can make the best decision on when to sell the livestock they have worked hard to bring to market.
To address producers' concerns regarding low livestock prices, industry concentration, and the unavailability of accurate market information, Congress passed the Livestock Mandatory Reporting Act in 1999 to help improve market transparency.
Producers tell me that Mandatory Price Reporting yields valuable information, helps to keep the markets honest, and helps take the guess work out of business decisions for producers and packers.
This legislation, which is supported by producers and packers alike, will extend for an additional 5 years the reporting requirements of livestock daily markets. This bill makes two important changes from existing law.
First, as specified in the 2008 Farm Bill, this bill will require Mandatory Reporting of Wholesale Pork, MRWP, cuts. A study on MRWP, required by the 2008 Farm Bill and published earlier this year, will help guide the new regulations. This legislation also included negotiated rule making that requires the Secretary of Agriculture to bring stakeholders, as well as representatives from industry and the Department of Agriculture together to design the regulations for reporting MRWP cuts. The bill requires that a final rule be completed no later than 18 months after it is signed by the President. This important addition, once completed, would simply expand transparency to the pork industry that was not previously required and further protect producers.
Second, the bill instructs the Secretary of Agriculture to establish within 1 year an electronic price reporting system for dairy products. Published reports will be required on a weekly and monthly basis. This is a first critical step in continuing to assist our producers as they make decisions that impact their businesses. Furthermore, on a weekly basis, the Secretary of Agriculture must publish a report disclosing milk prices from the previous week. This too was included in the Farm Bill, and I am hopeful it will be another tool for dairy farmers across the country.
This bill represents several months of negotiations by all interested stakeholders who worked hard to find compromise on these critical issues. I want to thank everyone involved in this process for working together to reach consensus. Those groups supporting the reauthorization bill include:
American Farm Bureau Federation, American Meat Institute, American Sheep Industry Association, National Cattlemen's Beef Association, National Farmers Union, National Pork Producers Council, National Meat Association, and the United States Cattleman's Association.
I look forward to moving this critical reauthorization through Congress so we do not disrupt the critical reporting
on livestock markets and so that family farmers and ranchers in Arkansas can have confidence that they are receiving fair market value.
Mr. President, I ask unanimous consent that a letter of support be printed in the Record.