By Jamie Martin
The U.S. Department of Agriculture (USDA) has announced a proposed rule aimed at modernizing the Packers and Stockyards Act to foster fair competition and support a resilient food supply chain. This initiative is part of the Administration's broader effort to enhance the competitiveness of agricultural markets and reduce food costs.
Agriculture Secretary Tom Vilsack unveiled the proposal during an event at the Center for American Progress, highlighting its role in establishing clearer standards for fairness and competitiveness in the livestock, meat, and poultry industries.
The rule is designed to provide clear guidelines on what constitutes unfair practices, benefiting individual market participants and the market as a whole.
The proposed rule will empower the USDA's Agricultural Marketing Service to effectively ensure fair trading practices and protect producers from market abuses, ensuring they receive full value for their products.
This action builds on the USDA’s ongoing efforts to enhance market transparency and fairness, which include partnerships with other government agencies and previous regulatory measures under the Packers and Stockyards Act.
Public comments on the proposed rule will be accepted through Regulations.gov for 60 days following its publication in the Federal Register. This feedback will be integral as the USDA works towards finalizing the rule, which aims to bolster market integrity and support economic growth within the agricultural sector.
This move by the USDA is a significant step towards rectifying entrenched market powers and promoting a fairer marketplace for all stakeholders in the agricultural industry, from farmers to consumers.
Photo Credit: usda
Categories: National