The House Agriculture Committee passed a bill (H.R. 5883) by Rep. David Rouzer (R., N.C.) to modernize and clarify the Packers & Stockyards Act as it relates to the buying or selling of livestock in commerce through online, video and other electronic methods.
H.R. 5883 updates the requirements and method of transactions producers must follow – specifically by providing the same protections for those who sell through online and video auctions and permitting the use of modern electronic payment methods.
“The Packers & Stockyards Act was written almost 100 years ago and is in need of modernization,” Rouzer explained. “This clarification is a reflection of changes in the marketplace as a result of modern technologies. This legislation will help ensure that our producers receive the law's financial protections, regardless of whether they sell products at a fixed-facility market or through an online or video auction.”
“Our industry and the world around us has evolved since 1921, when the act was implemented,” added Colin Woodall, National Cattlemen’s Beef Assn. senior vice president of government affairs. “The bill expands the definition of marketing agency to include video and online auctions and updates acceptable payment methods to include electronic transfer of funds. Having not been revised in decades, we appreciate Rep. David Rouzer’s leadership to ensure the legislation reflects the latest technologies utilized and modern banking methods.”
Joe Goggins with Northern Livestock Video Auction discusses the changes to the Packers and Stockyards Act and the benefits that come with the needed revisions.
Source: Northern Ag Network and House Agriculture Committee