Big meat packing companies would have to comply with more regulations to ensure that beef producers are getting a fair price for their cattle under a proposal being pushed by two members of Congress from Iowa.

U.S. Sen. Charles Grassley, a Republican, and U.S. Rep. Randy Feenstra, R-Hull, have introduced versions of a bill called the Cattle Price Discovery and Transparency Act.

Grassley’s version of the bill was passed by the Senate Agriculture Committee last year.

Feenstra and U.S. Rep. Mike Levin, D-California, introduced the House version Wednesday.

Feenstra noted that four companies dominate the cattle marketplace. The so-called Big Four Meat Packers are generally considered to be Tyson Foods, JBS USA, Cargill and Marfrig.

“The Big Four Meat packers are illegally distorting the cattle market to increase their profits at the expense of Iowa family farmers,” Feenstra said in announcing his legislation. “It’s shameful and it’s wrong. The Cattle Price Discovery and Transparency Act will finally expose the Big Packers’ price-fixing schemes and hold them accountable for their antics.”

He said he was proud to be working with Grassley on the legislation.

The bill would require the U.S. Department of Agriculture to establish five to seven regions in the country. It would then establish in each zone a minimum level of fed cattle purchases that would have to be made via negotiated cash, negotiated grid, stockyards or trading systems that are open to multiple buyers and sellers.

The legislation calls for penalties of up to $90,000 for meat packing companies that do not meet the minimum level of purchases under those rules.