Reps. Cindy Axne, Abby Finkenauer and Dave Loebsack, all Iowa Democrats, introduced the cattle market pricing bill that Sens. Chuck Grassley, R-Iowa, and Jon Tester, D-Mont., have introduced in the Senate.

The bill would require processors to have a minimum of 50% of their weekly slaughter purchased from cash market sales.

“It’s critical that we increase price transparency and level the playing field for Iowa cattle producers,” said Axne.

“We’ve seen significant market disruptions from the Holcomb (Kansas) plant fire last year or more recently from COVID-19 that illustrate the need for this legislation,” she said.

“This is not a new problem that Iowa cattlemen have been facing. With nationwide decreases in cash trades, Iowans have been bearing the burden of price discovery for the rest of the cattle industry and it’s about time we address the issue. These reforms will help establish a fair and transparent market for all independent producers, and I’m proud to lead this fight in the House of Representatives.”

“Iowa’s small and family-owned ranches deserve a fair chance to compete and thrive in the marketplace,” Finkenauer said.

“Markets work best when every player has equal information and equal opportunity — which is exactly what this bill provides. I’m proud to join Congresswoman Axne and Congressman Loebsack in ensuring independent ranchers a chance to compete on a level playing field.”