This bill directs the Department of Agriculture to revise its regulations to allow certain packers to hold an ownership interest in, finance, or participate in the management or operation of a market agency selling livestock on a commission basis.
The bill applies to packers that have a cumulative slaughter capacity of (1) less than 2,000 animals per day or 700,000 animals per year with respect to cattle or sheep, and (2) less than 10,000 animals per day or 3 million animals per year with respect to hogs.
In addition, the bill includes a disclosure requirement for a market agency that has an ownership interest in, finances, or participates in the management or operation of a packer to which the agency sells consigned livestock. Specifically, the market agency must disclose on the account of sale (1) the name of the packer, and (2) the nature of the relationship between the market agency and the packer.