This week the House Agriculture Committee approved H.R. 2051, the Mandatory Price Reporting Act of 2015. The bill would reauthorize the Livestock Mandatory Reporting Act originally enacted in 1999. The current bill is set to expire on September 30, 2015.

The Ag Committee also approved H.R. 2088, the United States Grain Standards Act.

According to committee Chairman K. Michael Conaway (R-Texas), mandatory price reporting provides transparency in the market to make sure producers get a fair price. “This system allows producers and packers to access timely and accurate information regarding the price of the products they buy and sell,” he says. “After hearing from all stakeholders, I am pleased the committee found bipartisan consensus to put forth these two strong bills.”

The law mandates price reporting for live cattle, boxed beef, and live swine, and allows USDA to establish mandatory price reporting for lamb sales.

“We fully understand that government mandates like price reporting can be onerous, and that not all industry participants may fully embrace this program,” says Chairman Conaway. “That said, it is apparent that over the preceding 16 years, mandatory reporting has become an essential tool for producers and packers to compete as the industry continues to evolve.”

With bipartisan support, the bill is likely to pass through the full House and Senate, possibly with some changes resulting from ongoing discussions between producers and packers on price reporting.

For more information on mandatory price reporting, visit this USDA Agricultural Marketing Service website