Reducing unfair trade barriers, lifting unilateral trade sanctions and promoting a fair playing field allows us to expand markets and to compete against newly-formed and growing trading blocks in Europe and Asia. Through trade negotiations, American producers must have access to many markets which have previously been closed. But foreign trade is not a cure-all to what ails the agricultural economy. Changes must also be made right here at home. Today's producer has fewer options for selling their products because markets are becoming increasingly more concentrated.
Positive efforts are underway.
For example, I cosponsored original legislation on mandatory price-reporting that was eventually signed into law as part of the Fiscal Year 2000 Agriculture Appropriations bill. I am also working on a bold initiative to prohibit meat packing companies from owning or feeding livestock beyond 14 days, prior to slaughter. Tax reform and regulatory relief are other components of the package needed to best assist producers. The Senate has acted on a tax package that contains much needed provisions for agriculture including clarification on eligibility for income averaging, establishment of interest bearing savings accounts for producers to guard against cyclical business patterns and reductions in estate taxes. Unfortunately, the President did not agree with the Congress on providing tax relief.