ICA Welcomes Cattle Price Discovery and Transparency Act

Iowa Cattlemen's Association | November 9, 2021

Contact: Anna Hastert, Director of Communications, Iowa Cattlemen's Association, 515-296-2266

UPDATE (11/18/21):

Sens. Chuck Grassley (R-Iowa), Deb Fischer (R-Neb.), Jon Tester (D-Mont.), and Ron Wyden (D-Ore.), with support from Sens. Joni Ernst (R-Iowa), Mike Braun (R-Ind.), Tina Smith (D-Minn.), Cindy Hyde-Smith (R-Miss.), Steve Daines (R-Mont.), Bill Cassidy (R-La.), and Ben Ray Lujan (D-N.M.), formally introduced the Cattle Price Discovery and Transparency Act on November 17. 

Read the full Senate bill here.

Reps. Cindy Axne (IA-03) and Randy Feenstra (IA-04), with support from Reps. Ashley Hinson (IA-01), Mariannette Miller-Meeks (IA-02), Vicky Hartzler (MO-04), and Jeff Fortenberry (NE-01), also introduced the Cattle Price Discovery and Transparency Act on November 17. The House version of the bill is a companion of the Senate version. 

Original Release (11/9/21):

Today, the Iowa Cattlemen’s Association is pleased to welcome the announcement of a cattle market reform compromise. 

The soon-to-be-introduced Cattle Price Discovery and Transparency Act, led by Sens. Deb Fischer (R-Neb.), Chuck Grassley (R-Iowa), Jon Tester (D-Mont.), and Ron Wyden (D-Ore.), displays effective leadership on both sides of the aisle and across state lines. After introducing previous cattle marketing legislation and soliciting feedback from stakeholders in the cattle industry, all four legislators have identified common ground.

“The provisions outlined in this legislation are based on feedback from the cattle industry, specifically taking into account testimonies shared by independent cattle producers at the Senate Agriculture Committee and Senate Judiciary Committee hearings this summer,” said ICA President-Elect Bob Noble. 

In brief, this legislation will enhance price discovery and transparency by: 

  1. Requiring packers to participate in the cash market on a plant-by-plant basis within each major cattle feeding region;  
  2. Creating a library of formula contracts; and 
  3. Expediting the report of average carcass weights to the public.   

“Maintaining a seat at the table with key decision makers is our primary responsibility as an association,” said ICA CEO Matt Deppe. “For several months, the Iowa Cattlemen’s Association has pursued a compromise between our elected officials. Setting aside differences and finding common ground, just as these leaders have done, will improve the state of the fed cattle market. We owe sincere thanks to Sen. Grassley and his team for remaining steadfast in the pursuit of a new bill.”   

In addition to the Iowa Cattlemen’s Association, the following groups have endorsed the bill: Iowa Farm Bureau, American Farm Bureau Federation, National Farmers Union, and U.S. Cattlemen’s Association.   

Click here for a one-pager on the bill. 

Click here for a section-by-section summary of the bill.

About the Iowa Cattlemen's Association: The Iowa Cattlemen’s Association represents nearly 8,000 beef-producing families and associated companies dedicated to the future of Iowa’s beef industry. ICA’s mission is “Grow Iowa’s beef business through advocacy, leadership and education.” www.iacattlemen.org.