Fair Meat Trading Act

[AI summary unavailable — showing source text] Fair Meat Trading Act - Requires the Secretary of Agriculture to report to Congress recommendations for alternative substitute procedures involving the marketing and pricing of meat commodities, including: (1) the banning of formula base pricing (all buying and selling where price is based or determined by the quote of a market price reporting service, not by agreement between the parties to the trade); and (2) a system for electronic base marketing as part of a centralized national market system. Requires a minimum three-year maintenance of all records necessary to carry out this Act, or a longer period if the Secretary so directs. Directs the Secretary to appoint a Meat Industry Marketing Standards Board: (1) to recommend standards of identity for meat commodities and other appropriate terms and rules necessary for orderly trading on any centralized national market which may be established for the trading of all meat commodities; and (2) to develop and present to the Secretary proposals relating to market price reporting services. Requires the Board to consider: (1) establishing a volume standard as a basis for price reporting; and (2) proscribing formula based trading using only…