Bipartisan legislation sponsored on Feb. 2 by U.S. Sen. Deb Fischer (R-NE) would permanently authorize a cattle contract library that aims to increase market transparency for the nation’s cattle producers.
Sen. Fischer introduced the Cattle Price Discovery and Transparency Act of 2023, S. 228, to restore transparency and accountability in the cattle market by establishing regional cash minimums and equipping producers with more market information, according to a bill summary provided by her office. The 21 original cosponsors of the bill included U.S. Sens. Joni Ernst (R-IA), Steve Daines (R-MT), Bill Cassidy (R-LA), Mike Rounds (R-SD), and Jon Tester (D-MT).
“I continue to hear from Nebraska family farmers and ranchers about the need for robust price discovery and transparency in our cattle markets,” Sen. Fischer said. “Support for our bill is stronger than ever, with a long list of cosponsors representing a diverse set of agricultural communities from across the country. I look forward to working with them all to build on the strong momentum we had last year.”
Sen. Fischer in November 2021 sponsored the same-named bill, S. 3229, to establish a cattle contract library pilot program, and then in April 2022 updated and offered a revised version, S. 4030, which the U.S. Senate Agriculture Committee passed in July 2022. The identical bill was introduced in the U.S. House of Representatives and the measure ultimately became law as part of the Consolidated Appropriations Act of 2022.
In December 2022, the Agricultural Marketing Service at the U.S. Department of Agriculture (USDA) published a final rule in the Federal Register to establish the pilot cattle contract library program, which became effective on Jan. 6. The newly introduced S. 228 would make the pilot program permanent.
Among several provisions, S. 228 also would require the USDA Secretary to establish five to seven regions encompassing the entire continental U.S. and then establish minimum levels of fed cattle purchases made through approved pricing mechanisms to ensure robust and transparent price discovery, according to a bill summary provided by Sen. Fischer’s staff.
The Nebraska Farmers Union, Nebraska Cattlemen, the Nebraska Farm Bureau Federation, the U.S. Cattlemen’s Association, and the National Farmers Union endorsed the measure.