Tom Latham: “today I rise to support passage of S. 2965, a bill to extend for one year the Livestock Mandatory Price Reporting Act of…”

“today I rise to support passage of S. 2965, a bill to extend for one year the Livestock Mandatory Price Reporting Act of 1999. As the author of the original legislation, I am pleased to see that this important program will continue for one additional year. It is my hope that during that time the program will be improved and, if it is proven cost effective, made permanent. Four major packers slaughter 80 percent of fed cattle and process about 85 percent of boxed beef. According to producer organizations, because of the high level of concentration, it is very important to maintain a level playing field for all producers. Mandatory price reporting addresses non-contract livestock producers concerns that the increasing use of contracts prevents complete transparency in livestock prices that, in the past, would've been made public at auction. Additionally, independent livestock producers fear that the increasing use of contracts means that there is less of a market for their product, and the price they will receive will remain low through possible packer collusion. Mandatory price reporting provides market transparency, thus ensuring that our producers get the best prices for their livestock. Mr. Speaker, I am very supportive of this one-year extension.”