The Mandatory Price Reporting Act, which would extend and expand the reach of the Agricultural Marketing Act of 1946, is now ready for consideration on both sides of Capitol Hill. That is once lawmakers return from recess. The Senate Agriculture Committee passed its version of the reauthorization on Wednesday. The House Agriculture Committee passed its version last week. The bills propose to reauthorize the law for another five years, and expand it to include pork cuts and dairy products.
The new legislation would require the creation of an electronic price reporting program. It's been in effect for the processors, packers and importers of many meat products for 10 years, requiring them to report information on the price, contracting and supply and demand of livestock and many meat products in order to help stabilize livestock prices by ensuring accurate and complete market information.
The National Pork Producers Council is applauding the committee's action. NPPC President Sam Carney says the addition of export and wholesale cuts reporting will further help producers like him make business and production decisions.