A bill to improve price discovery in milk and dairy markets by reducing the effects of the National Cheese Exchange on the basic formula price established under milk marketing orders, and for other purposes.
Milk Price Discovery Improvement Act of 1997 - Amends the Agricultural Market Transition Act to prohibit the Secretary of Agriculture from directly or indirectly using a price established on the National Cheese Exchange to determine the basic formula price for milk.
Amends the Agricultural Marketing Act of 1946 to direct the Secretary to develop a dairy price discovery and reporting system, which shall include: (1) collection and dissemination of weekly cheese prices; (2) technical assistance to organize a cash market alternative to the National Cheese Exchange; and (3) studies of improved volume in dairy futures trading and on creation of an electronic dairy exchange.
Amends the Agricultural Adjustment Act, reenacted with amendments by the Agricultural Marketing Agreement Act of 1937, to provide for oversight of cash markets affecting Federal milk marketing orders.
Referred to the Subcommittee on Livestock, Dairy and Poultry.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S958-959)
Read twice and referred to the Committee on Agriculture.
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