Sens. Tim Johnson, D-S.D., Mike Enzi, R-Wyo., Byron Dorgan, D-N.D., and Chuck Grassley, R-Iowa, introduced a bill Wednesday that they say would stop years of unfair meat packer practices that hurt ranchers and farmers.

The Livestock Marketing Fairness Act would put ranchers and farmers on equal footing with packer-owned herds by amending the Packers and Stockyards Act of 1921 to end certain forward marketing contracts and ensure that ranchers have full access to the marketplace, according to a joint news release from the four senators.

A growing number of large packing operations own their own livestock or control them through forward contracting agreements. This allows these firms to buy from themselves when prices are high and buy from others when prices are low, according to the senators.

The senators say the bill would require more transparency for forward contracts for livestock, ensure markets are open to multiple offers and prevent packers from using their own herds to manipulate contract prices.

The bill would exempt producer-owned cooperatives and small packers.

"This bipartisan bill will prevent anti-competitive practices and keep our family farmers and ranchers in the fold," Johnson said in a prepared release.

Enzi said the bill is a common-sense approach. "There is a continued need to restore transparency and competitiveness in all our markets, including the sale barn," Enzi said.