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GIPSA Reviewing Bond Requirements Under Packers and Stockyards Act

Tuesday, December 23, 2008

(American Meat Institute)

The United States Department of Agriculture’s Grain Inspection, Packers and Stockyards Administration (GIPSA) is reviewing how it calculates the reasonable bond required to be posted by market agencies, dealers, and certain packers (bonded entities) under the Packers and Stockyards Act, 1921 (P&S Act or Act).

 

According to a notice published in today’s Federal Register, GIPSA is initiating this review to determine what alternatives, if any, exist for revising the P&S Act regulations (9 CFR Part 201) to better protect the financial interests of livestock sellers and consignors without exceeding a reasonable bond amount for bonded entities.  GIPSA is accepting comments and information on several alternative revisions to the regulations and the issues being considered in this review. These alternatives include: adding risk factors, revising existing factors in current formulas, and changing bond calculations after mergers/acquisitions.

 

Written or electronic comments, may be submitted to: Market Agency, Dealer and Packer Bond Comments, c/o Tess Butler, GIPSA, USDA, 1400 Independence Avenue, SW, Room 1643–S, Washington, DC 20250–3604 or by email to comments.gipsa@usda.gov. Comments may also be submitted online, at https://virtualoffice.meatinstitute.org/go/http://Webmail/exchweb/bin/redir.asp?URL=http://www.regulation.gov/. Comments must be received by March 23, 2009.

 

To view this notice, click here: https://virtualoffice.meatinstitute.org/go/http://Webmail/exchweb/bin/redir.asp?URL=http://edocket.access.gpo.gov/2008/pdf/E8-30515.pdf

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