The House Ag Committee passed a bill on Wednesday that will change the Packers and Stockyards Act with regards to electronic transactions. H.R. 5883 clarifies the duties related to services offered in connection with buying and selling livestock through online, video, and other electronic methods. The Meating Place Dot Com website says the bill also updates acceptable payment methods, including electronic fund transfers, as well as gives the Secretary of Agriculture the ability to approve other payment methods in the future as needed. A release from the committee said the Packers and Stockyards Act was written almost 100 years ago and needed to be updated because of electronic technologies and the way they’ve changed the marketplace. This helps to ensure producers receive the law’s financial protections, regardless of whether they sell at a fixed-facility location or through an online video auction.
From the National Association of Farm Broadcasting news service.