A bill to amend the Agricultural Marketing Act of 1946 to increase competition and transparency among packers that purchase livestock from producers.

Amends the Agricultural Marketing Act of 1946 to establish minimum per plant per reporting day purchase and slaughter requirements through spot purchases from nonaffiliated producers for a covered packer: (1) that is a cooperative; and (2) that is not a cooperative.

Sets forth transitional requirements for a covered packer with a specified captive cattle supply.

Defines "cooperative association of producers," "covered packer," "nonaffiliated producer," "spot market sale," and "reasonable competitive bidding opportunity."