A bill to amend the Packers and Stockyards Act, 1921, to clarify the authority of the Secretary of Agriculture to require reasonable bonds from packers in connection with their livestock purchasing operations.

Authorizes the Secretary of Agriculture, under the Packers and Stockyards Act of 1921, to require reasonable bonds from market agencies, dealers, and packers to secure the performance of their obligations with respect to transactions involving livestock or poultry.

Authorizes the Secretary to summarily order, without a hearing, any person subject to the provisions of such Act to pay a seller of livestock or poultry by certified check or to establish a custodial account if the Secretary has reason to believe that such action is necessary to protect vendees.

Empowers the Secretary to request the Attorney General of the United States Livestock to apply to the United States district court for a temporary injunction or restraining order whenever the Secretary has reason to believe that any person subject to this Act (1) is unable to pay for livestock products, (2) has operated while insolvent, or (3) does not have the required bond.

Provides that debts of a bankrupt that are owing for the purchase of livestock or poultry shall have priority if, at the time such debts were incurred, the bankrupt was a packer, market agency, or dealer subject to such Act.