03/31/2021 | Press release | Distributed by Public on 03/31/2021 12:17
WASHINGTON - Senator John Hoeven, Ranking Member of the Senate Agriculture Appropriations Committee and a member of the Senate Agriculture Committee, recently helped introduce bipartisan legislation sponsored by Senators Chuck Grassley (R-Iowa) and Jon Tester (D-Mont.) to increase transparency and competition among meat packers. The legislation requires that a minimum of 50 percent of a meat packer's weekly volume of beef slaughter be purchased on the open or spot market.
'Our ranchers play an important role in our economy and our quality of life, and they deserve fair markets for the high-quality products they provide,' said Hoeven. 'The reforms proposed by this legislation are an important part of the conversation to improve price discovery in livestock markets, leading to better transparency and more competition. That's a win for both livestock producers and consumers. Going forward, I will remain committed to working to find a solution to this pressing issue.'
In addition to Hoeven, Grassley and Tester, this legislation is cosponsored by Senators Joni Ernst (R-Iowa), Tina Smith (D-Minn.), Mike Rounds (R-S.D.), Ron Wyden (D-Ore.), Steve Daines (R-Mont.) and Cory Booker (D-N.J.).
The bill comes as part of Hoeven's ongoing work to help ranchers maintain their operations through current challenges and ensure producers have access to fair and transparent markets. The senator's efforts include:
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