Northern Ag Network
Northern Ag Network
Northern Broadcasting System    Northern News Network    Northern Sports Network
Search This Site...
Search This Site...
LMA Applauds Senator Inhofe for Introducing SALE Act

LMA Applauds Senator Inhofe for Introducing SALE Act

7/4/2018 3:00:00 PM/Categories: Popular Posts, General News, Today's Top 5, Livestock

The Livestock Marketing Association (LMA) applauds Senator James Inhofe of Oklahoma for introducing the Securing All Livestock Equitably Act (SALE Act) in the Senate. The SALE Act would amend the Packers and Stockyards Act, helping to provide sellers of livestock with payment protection during dealer payment defaults. It is the companion legislation to H.R. 4058 led by Congressman Roger Marshall of Kansas and supported by 53 bipartisan co-sponsors.

“LMA appreciates the leadership of Senator Inhofe in the introduction of the Senate SALE Act. In doing this, Sen. Inhofe is standing up for ranchers and the livestock auction markets that sell on their behalf to help ensure they get paid for their livestock” said LMA President, Tom Frey. “We encourage Congress to take swift action on this matter.”

The SALE Act would create a Dealer Statutory Trust, modeled after the existing Packer Statutory Trust. This would give unpaid sellers of livestock (producers, markets, and other dealers) first priority in livestock or, if the livestock have already been resold, the proceeds and receivables from those livestock.

This is necessary because current law results in livestock sellers—producers, markets, and other dealers—going unpaid with little recourse in a livestock dealer default. Payment protection options in the Packers and Stockyard Act currently do not provide sufficient protection. According to U.S. Department of Agriculture Packers and Stockyards (P&S) division data, the average return on a livestock dealer bond claim is well under 15 cents per dollar. In many large dealer defaults, including the Eastern Livestock bankruptcy, the return is less than 5 cents per dollar.

The passage of the SALE Act would greatly improve recovery by adding a Dealer Statutory Trust. This recovery tool would be in addition to the current bond protections. LMA is thankful for legislative partners in both chambers who have chosen to stand up for farmers, ranchers, and markets selling on their behalf by supporting the SALE Act.

LMA greatly appreciates SALE Act original co-sponsors in the Senate, Senators Steve Daines of Montana, Jerry Moran of Kansas, and Deb Fischer of Nebraska. Dealer Trust is supported by American Farm Bureau Federation, American Sheep Industry, the National Cattlemen’s Beef Association, and U.S. Cattlemen’s Association, in addition to the Livestock Marketing Association.

For more information on a Dealer Statutory Trust, visit www.LMAweb.com/policy/ under category “Dealer Statutory Trust.”

Source: LMA

Print
Tags:

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Recent Ag News

MT Cowboys Claim Their Fame

9/25/2018 11:31:00 AM

The Montana Cowboy Hall of Fame and Western Heritage Center announced their inductees for 2018.

>> Read More
Article rating: No rating

Ranchers Rally to Support Ag and Fight Misinformation

9/24/2018 4:32:00 PM

WATCH: Ranchers took to Main Street in Bozeman this past weekend to share agriculture's story ahead of the viewing of a vegan documentary and discussion panel on the MadisonFood Park. Ranchers were disappointed that they were unable to be apart of the discussion panel on the processing facility. Organizers of the event explained that they felt threated by the ranching community on social media in regards to the event.  Watch the above clip for more on this story. 


>> Read More
Article rating: No rating

New Summer Internship Promotes Ranching Way of Life

9/24/2018 3:01:00 PM

Rangeland education program offers hands-on experience to prove there's more to ranching than cows.

>> Read More
Article rating: No rating

U.S. – India Closing In On Trade Agreement

9/21/2018 12:59:00 PM

India and the United States are currently in negotiations on a trade package. Washington and New Delhi are looking to remove some long-standing disagreements between the two countries that would strengthen ties.

>> Read More
Article rating: No rating

Sugarbeet Harvest a Sweet Deal for Montana & Wyoming Farmers

9/20/2018 2:02:00 PM
In Montana and northern Wyomng, the sugarbeet industry continues to be a very important driver for local economies. And the early sugarbeet harvest is underway for both Western Sugar Cooperative and Sidney Sugars growers. >> Read More
Article rating: No rating
RSS

Find Articles by Date

«September 2018»
MonTueWedThuFriSatSun
3112
389
1516
192223
2627282930
1234567