Senators introduce SALE Act to protect cattle producers when dealers default
A co-author of the Securing All Livestock Equitably—or SALE Act, says the legislation would mitigate risk when marketing cattle.
Minnesota U.S. Senator Tina Smith tells Brownfield the bill specifically addresses dealer payment defaults by setting up a trust to help protect producers.
“Who through no fault of their own end up in a very bad situation as they’re trying to take their beef cattle or whatever their product is, and as it makes its way through the market they end up losing so much of their value.”
Co-author Jim Inhofe of Oklahoma says the SALE Act creates common-sense protections for cattle producers and provides necessary stability and accountability for all livestock transactions.
Smith is anxious to get the legislation moving.
“I suspect that what will happen is this next big stimulus package, which Republicans and Democrats are all working hard to get through, there might be opportunities to move some other things forward with it.”
The Senate Agriculture Committee, which includes both Smith and Inhofe, referred to a USDA study on the feasibility of a livestock dealer statutory trust while formulating the SALE Act.
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