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  <summary>	5/20/2009--Introduced.Livestock Marketing Fairness Act - Amends the Packers and Stockyards Act, 1921 to prohibit a livestock sale forward contract (with an exception for specified cooperatives) that: (1) does not contain a firm base price that may be equated to a fixed dollar amount on the contract day; (2) is not offered for open public bid; (3) is based on a formula price; or (4) provides for the sale of more that 40 cattle, 30 swine, or other livestock in a quantity as determined by the Secretary of Agriculture. Defines: (1) &amp;quot;firm base price&amp;quot; as a transaction using an external source reference price; (2) &amp;quot;formula price&amp;quot; as any price term that establishes a base from which a purchase price is calculated on the basis of a price that will not be determined or reported until a date after the forward price is established (with specified exclusions); and (3) &amp;quot;forward contract&amp;quot; as a livestock purchase contract that provides for livestock delivery to a packer at a date that is more than seven days after the date on which the contract is entered into, without regard to whether the contract is for a specified lot of livestock or a specified number of livestock over a certain period of time.</summary>
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  <topresident-datetime type="date">2009-05-20</topresident-datetime>
  <updated type="timestamp">Sat Nov 14 08:28:13 -0600 2009</updated>
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      <title>Livestock Marketing Fairness Act</title>
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      <id type="integer">73621</id>
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      <title>A bill to amend the Packers and Stockyards Act, 1921, to prohibit the use of certain anti-competitive forward contracts.</title>
      <title-type>official</title-type>
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    <text>Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.</text>
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    <religion>Presbyterian</religion>
    <state>WY</state>
    <sunlight-nickname>Mike</sunlight-nickname>
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      <name>Sen. Byron Dorgan [D, ND]</name>
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      <name>Sen. Charles Grassley [R, IA]</name>
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      <name>Sen. Tim Johnson [D, SD]</name>
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