Senate promotes bill to prevent price-fixing for cattle

NEBRASKA -- U.S. Senators supported the Cattle Transparency Act Wednesday. 

Four packers raise 80 percent of this country's cows. Small farmers have been saying, for years, that those four companies cheat by setting fixed prices. Senators complained about how a lack of competition leads to this price-fixing.

To stop this, senators like Nebraska's Deb Fischer are promoting the 'Cattle Transparency Act.'

"I am concerned with price discovery and I am concerned with market transparency," Fischer said.

The Nebraska Farm Bureau supports the act. They are asking Congress to pass it.

The Act would require the USDA to track cattle slaughtered, ban confidentiality and track contracts.