On Monday, U.S. Reps Dusty Johnson (R-S.D.), Liz Cheney (R-WY), and Frank Lucas (R-OK), introduced the Livestock Risk Management and Education Act on the House floor.
The bill would would authorize the National Institute of Food and Agriculture (NIFA) to provide resources to improve livestock producers’ knowledge of futures markets to better manage market volatility, according to a release from Johnson’s office.
Todd Wilkinson, South Dakota cattle producer and NCBA Policy Division Vice Chair, released the following statement in support of the legislation:
“NCBA applauds Representative Dusty Johnson’s introduction of the Livestock Risk Management and Education Act yesterday on the House floor. This legislation will provide boots-on-the-ground cattle producers with critical resources and opportunities to increase their understanding and engagement with risk management tools. This bill speaks directly to our core values as an industry - arming producers with the latest farm management resources and tools in order to help them navigate ever-changing and dynamic market conditions.
In a market environment that continues to challenge even the most experienced multi-generational operations, NCBA believes that it is critical for producers to understand their options for managing risk. The Livestock Risk Management and Education Act policy will provide the U.S. Secretary of Agriculture the authority and flexibility to collaborate with industry to ensure that cattle farmers and ranchers have access to those options and the knowledge base to determine which ones are right for their operations. As the oldest and largest trade association representing the U.S. cattle industry, securing these kinds of educational resources for our members is critical to our vitality into the future.
NCBA members passed policy that directs us to engage in developing comprehensive programs for NCBA members regarding the mechanics of the commodity futures and options markets and the application of risk management tools. The Livestock Risk Management and Education Act does just that, and NCBA is proud to support this legislation and we look forward to engaging with Congress to advance this bill.”