Johnson, Cheney, Lucas Introduce Livestock Risk Management, Education Act
Washington, D.C. – Today U.S. Representatives Dusty Johnson (R-S.D.), Liz Cheney (R-WY), and Frank Lucas (R-OK), introduced the Livestock Risk Management and Education Act, a bill that would provide grants to certain state land-grant universities to better equip livestock producers with risk management training.
The Livestock Risk Management and Education Act would authorize the National Institute of Food and Agriculture (NIFA) to provide resources to improve livestock producers’ knowledge of futures markets to better manage market volatility. An understanding of futures contracts and risk management strategies will allow producers both large and small to better anticipate cattle prices. This new authority would allow land-grant universities, such as South Dakota State University, to partner with grower associations to more directly reach producers.
“Producers already face an uphill battle of unpredictable weather, understanding cattle prices doesn’t need to be an added challenge,” said Rep. Johnson. “The Livestock Risk Management and Education Act will supply producers with the tools needed to anticipate highs and lows in the futures markets. I’m proud to partner with my colleagues from cattle country to help best prepare our Ag economy and producers for the future.”
“I am pleased to join Rep. Dusty Johnson (R-S.D.) in his legislation to provide funds to improve available resources and educational materials for producers from land grant institutions,” said Rep. Liz Cheney. “With ever-changing markets, this measure will enable land grant universities like the University of Wyoming to assist our producers in giving them the background they need to properly plan for the future.”
“While we’ve seen tremendous signs of a strong economy- witnessing record declines in unemployment and rising wages across America- sadly, our nation’s farm industry continues to face challenging times, leaving our producers vulnerable to disruptions provoked by market instability and other factors.
NCBA Applauds Introduction of Livestock Risk Management and Education Act
WASHINGTON (Oct. 22, 2019) — Todd Wilkinson, South Dakota cattle producer and NCBA Policy Division Vice Chair, released the following statement in response to the introduction of the Livestock Risk Management and Education Act by U.S. Rep. Dusty Johnson (R-S.D.):
“NCBA applauds Representative Dusty Johnson’s introduction of the Livestock Risk Management and Education Act yesterday on the House floor. This legislation will provide boots-on-the-ground cattle producers with critical resources and opportunities to increase their understanding and engagement with risk management tools. This bill speaks directly to our core values as an industry – arming producers with the latest farm management resources and tools in order to help them navigate ever-changing and dynamic market conditions.
“In a market environment that continues to challenge even the most experienced multi-generational operations, NCBA believes that it is critical for producers to understand their options for managing risk. The Livestock Risk Management and Education Act policy will provide the U.S. Secretary of Agriculture the authority and flexibility to collaborate with industry to ensure that cattle farmers and ranchers have access to those options and the knowledge base to determine which ones are right for their operations. As the oldest and largest national trade association representing the U.S. cattle industry, securing these kinds of educational resources for our members is critical to our vitality into the future.”
Livestock producers across the country have faced years of uncertainty and, like others, need every tool within their belt to manage risk and sharpen their ability to weather the market’s uncertainty. I’m proud to join Rep. Dusty Johnson (R-S.D.) and Rep. Liz Cheney (R-WY) as a cosponsor of the Livestock Risk Management and Education Act, ensuring that our livestock producers have the resources they need to better utilize risk management strategies as they overcome market volatility. Our producers rise to the challenge day in and day out and the Livestock Risk Management and Education Act would help provide stability for those that feed billions across the globe,” said Rep. Frank Lucas.
–Representative Dusty Johnson and NCBA
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Outtagrass Cattle Co. cartoon by Jan Swan Wood for the June 19, 2021, edition of Tri-State Livestock News