Senator Chuck Grassley this week introduced legislation to address transparency in the cattle market. The Iowa Republican, along with a bipartisan group of Senators, says the bill intends to foster efficient markets while increasing competition and transparency among meatpackers who purchase livestock directly from independent producers.
This bipartisan bill will require that a minimum of 50 percent of a meat packer’s weekly volume of beef slaughter be purchased on the open or spot market. However, the National Cattlemen’s Beef Association does not approve of the legislation. NCBA Vice President of Government Affairs Ethan Lane says, “simply put, Senator Grassley’s bill misses the mark.” NCBA says any legislative solution to increased price discovery must account for the unique dynamics within each geographic region. United States Cattlemen’s Association President Brooke Miller commended Grassley for introducing the bill. USCA says the ’50-14’ or spot market bill, follows legislation already supported by USCA, the Cattle Market Transparency Act of 2021.