This proposal would require the U.S. Department of Agriculture to keep Livestock Indemnity Program payment rates up to date with current market prices. The Secretary of Agriculture would set these market values every quarter, working with the Agricultural Marketing Service and using other reliable sources to make sure payments match real-world prices.

Key points:

• Who is affected: People and businesses that receive payments under the Livestock Indemnity Program.
• What changes: Payment rates must be reviewed and updated to reflect market prices, with the market value determined in coordination with the Agricultural Marketing Service and other appropriate resources.
• When: The market value must be set on a quarterly basis, so updates happen four times a year.