TeachMeFinance.com - explain Packers and Stockyards Act of 1921
Packers and Stockyards Act of 1921 The term 'Packers and Stockyards Act of 1921 ' as it applies to the area of agriculture can be defined as ' P.L. 67-51 (August 15, 1921) remains, in amended form, the basic authority for USDA to regulate marketing practices in the livestock, poultry, and meat industries. The law was enacted to prevent unfair, deceptive, and monopolistic trade practices, focusing on livestock terminal and auction markets, livestock marketing agencies, dealers, meat packers, and live poultry dealers. The law also includes provisions to ensure that livestock and poultry producers are promptly paid when they sell their animals'.
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