February 21, 2017 • Page 8 shop online at www.missourivalleyshopper.com Smart Banking Regulations Benefit South Dakota Families By Senator Mike Rounds The 115th Congress hasn’t taken an extended break since swearing-in day on January 3, and while much of our time these first six weeks have been focused on confirming President Trump’s Cabinet nominees, we have also been busy introducing legislation to provide regulatory relief for South Dakota families and businesses. Most recently I introduced two pieces of legislation that seek to ease the regulatory burden on banks and other financial institutions, so they can more easily provide loans and other services to South Dakotans. Many of the regulations hindering our financial institutions today are a result of the 2010 Dodd-Frank financial reform bill. Dodd-Frank was an ill-advised attempt to correct the mistakes of the 2008 recession and collapse of the housing market. Unfortunately, the end result was more than 2,300 pages of new rules and regulations on our local banks and credit unions, despite having nothing to do with the housing collapse. I recently reintroduced the Taking Account of Institutions with Low Operation Risk (TAILOR) Act to correct Dodd-Franks “one-size-fits-all” approach to regulating. The TAILOR Act would ease the regulatory burden on smaller financial institutions by requiring regulatory agencies to take into consideration the risk profile and business models of individual financial institutions and tailor those regulations accordingly. Additionally, it requires the regulatory agencies to provide an annual report to Congress outlining the steps they have taken to tailor their regulations. This will allow the local banks and credit unions to focus their resources on taking care of their customers, rather than spending time and money on compliance, the costs of which are ultimately passed onto the consumer in South Dakota. I also recently introduced legislation that would dismantle the Consumer Financial Protection Bureau (CFPB). The CFPB, a product of Dodd-Frank, is yet another regulatory agency with the power to promulgate sweeping new rules on financial institutions, the cost of which has been handed down to families looking to do business with their local banks and credit unions. Even more alarming, the CFPB is an unchecked, unaccountable regulatory agency with no oversight from Congress. My bill would bar the transfer of funds from the Board of Governors of the Federal Reserve System to the CFPB. The bill also requires the CFPB to turn over all penalty funding and other money it has received to the Treasury. As a member of the Senate Banking, Housing, and Urban Affairs Committee, one of my top priorities has been to provide regulatory relief to financial institutions so that South Dakota families can have better access to loans and capital – capital that can be used to purchase a home, buy a new car or invest in a new business that will bring economic activity to our state. I will continue to seek policies that allow our financial institutions to better serve their customers and strengthen our communities. BULL SALES Looking for the best deal in town? Check the CLASSIFIEDS! REG POLLED HEREFORD BULLS AND PUREBRED F1 BLACK BALDY BULLS FOR SALE BY PRIVATE TREATY. RCR POLLED HEREFORDS BULL SALES ARE COMING UP JAMES & BONNIE SIMMERMON AND SONS 38372 291ST STREET • LAKE ANDES, SD 57356 PHONE 605-487-7406 • CELL 605-481-1936 RAISING POLLED HEREFORDS SINCE 1978 Be sure to get your advertising in! MV Shopper 319 Walnut St. Yankton, SD 57078 MV Shopper M I S S O U R I VA L L E Y M I S S O U R I VA L L E Y 605-665-5884 Contact a marketing representative at the MV Shopper MV Shopper M I S S O U R I VA L L E Y 319 Walnut Street • Yankton, SD 57078 605-665-5884 • 800-743-2968 M I S S O U R I VA L L E Y Fax: 605-665-0288 www.missourivalleyshopper.com GANT Angus and Polled Hereford Bull Sale Selling 55 Two Year Old Bulls Friday, February 24, 2017 1:00 PM NEW LOCATION - Gant Ranch 37195 285th Street 2 Miles W. of Geddes, SD Herefords Make Black Better! Gant Rebellion 358 EPD: Sire: Bar JZ Rebellion 474 BW 2.4 WW 47 YW 77 M 23 EPD: Gant Upgrade 460 Sire: R On Target 5523 BW 3.8 WW 53 YW 85 M 23 M&G 50 M&G 46 Gant Target 397 Hereford Service Sires JDH AH25L Wrangler 15T, Bar JZ Rebellion 474, TH 122 71I Victor 719T, MSU TCF Revolution 4R, R On Target 5523 Sire: WAR Upgrade 155 BW 90 WW 680 YW 1160 Your Black Baldy Source! Gant Upward 531 Sire: Sitz Upward BW 82 WW 650 YW 1100 Angus Service Sires WAR Upgrade Y155, Mogck Whispering Wind, WAR Final Answer, Mogck Bullsye 174, Styles Consensus P21, Final Product Delivery is available or deduct $50 if picked up by March 1, 2017 Complimentary Lunch served beginning at 11:30 A.M. All bulls have a first breeding season guarantee Chisum Peterson, Auctioneer Mark Gant www.gantpolledherefordandangus.com PO Box 15 • Geddes, SD 57342 (605) 337-2340 Cell: (605) 680-1540 markgant@midstatesd.net Dennis Gant 37214 - 285th St. • Geddes, SD 57342 (605) 337-2564 Cell: (605) 680-1542 dggant@midstatesd.net U.S. Beef Trade: Who? What? Why? By Julie Walker Associate Professor & SDSU Extension Beef Specialist Beef producers and consumers often ask about beef trade, why we import and export? The simple answer is we are trying to receive the highest value for the product produced. The following facts might be helpful to understand the beef industry: the U.S. is the largest producer, largest consumer, fourth-largest exporter and the largest importer of beef in the world according to USDA/Foreign Agricultural Service. U.S. Beef Exports A large majority of beef exports would include high-quality cuts hence high value beef cuts as well as variety meats that have limited demand in the U.S. The combined variety meats for beef and pork are a high portion of the volume of export products; however, the value of variety meat products does not match the value for beef and veal. Variety cuts would include items such as tongue, heart, tripe, oxtail, and sweetbreads. When was the last time you purchased one of these variety meats? A couple of examples of the value of exporting variety meats: 1) the price spread from exporting tongue has ranged between $3 to $12 per head (average tongue weigh 4 pounds), 2) beef liver exported has received $0.50 to $0.80 per pound or $10 to $16 per head (average beef liver weigh 20 pounds), and 3) omasum and abomasum (compartments of the ruminant animal’s stomach) exported has received $1 per pound. Many variety meats have limited or no value in the U.S., so the export market provides additional revenue for each carcass. Beef is exported from the U.S. to numerous countries, the actual quantity, products and value fluctuates from year to year. However, the major countries the U.S. exports to according to the USDA Foreign Agricultural Service are Japan, Mexico, South Korea, Canada and Hong Kong. Why import beef? According to the USDA Foreign Agricultural Service, the U.S. is the largest producer of beef, so why import beef? The U.S. has a competitive fast food service industry with a high demand for hamburger. Ground beef production requires the addition of lean to mix with the trim from heifers and steers harvested in order to produce the ground beef product. Cull cows and bulls are a good source of lean product to incorporate with the trim; however, there is not enough of this lean meat produced in the U.S. Manufacturers could (and do) use some of the chuck and rounds, both lean cuts, to grind into hamburger. However, this is relatively expensive since roasts, value-added cuts (flat iron steak, Denver steak, and chuck eye steak) sell at a higher price than hamburger. This demand for lean meat at a cost-efficient price leads to imports of the given product. A majority of the imported beef is lean beef that comes from Australian beef, New Zealand dairy beef, and cull cows from Canada. The Bottom Line Global marketing is a complex system that includes many agricultural products as well as non-agricultural products. Beef is only one of the many agricultural commodities traded and trade is an important tool as we strive for higher value U.S. beef.