SALE Act to protect cash trade

Rep. Roger Marshall (R-KS-01) introduced H.R. 4058—the “Securing All Livestock Equitably Act” or “SALE Act”—to the House on Tuesday, Oct. 17. The aim of the bill is to “provide for the establishment of a trust for the benefit of all unpaid cash sellers of livestock.” The primary directive of the bill states: “All livestock purchased by a dealer in cash sales and all inventories of, or receivables or proceeds from, such livestock shall be held by the dealer in trust for the benefit of all unpaid cash sellers of such livestock until full payment has been received by such unpaid cash sellers.” Small purchasers of livestock—anyone whose annual purchases are $500,000 or less—are to be exempt from the requirement. This bill would be an amendment to the Packers and Stockyards Act (PSA) of 1921. The Livestock Marketing Association has voiced appreciation of the bill, saying that current payment protections under the PSA are insufficient.