The bill would establish minimum levels of fed cattle purchases made through approved pricing mechanisms, which includes negotiated cash, negotiated grid, at a stockyard, and through trading systems that multiple buyers and sellers regularly can make and accept bids.

Senators Deb Fischer (R-NE), Chuck Grassley (R-IA), Jon Tester (D-MT), and Ron Wyden (D-OR) have released a revised Cattle Price Discovery and Transparency Act.