; and (B) modify any such mandatory minimum, as necessary, after consulting with representatives of the United States cattle and beef industry and in accordance with paragraph (4). (3) Public input In carrying out this subsection, the Secretary shall make all proposed mandatory minimums subject to notice and comment rulemaking and a cost-benefit analysis. (4) Considerations In establishing or modifying mandatory minimums under this subsection for any covered region, the Secretary shall consider the following factors: (A) The number of covered packers in the covered region. (B) The availability of fed cattle in the covered region. (C) Pre-existing contractual arrangements of packers in the covered region. (D) The number of pricing transactions (pens of cattle sold) in the covered region. (E) The proportion of fed cattle purchased in the covered region through negotiated purchases or negotiated grid purchases relative to the number of formula marketing arrangements that use the negotiated prices or negotiated grid prices as base prices. (5) Initial mandatory minimum requirement The initial mandatory minimum established under paragraph (1)(B) for each covered region shall be— (A) not less than the average percentage of negotiated purchases and negotiated grid purchases made in that covered region between January 1, 2020, and January 1, 2022; and (B) not more than 50 percent. (c) Purchases A covered packer shall, with respect to each processing plant of the covered packer, purchase through an approved pricing mechanism not less than the percentage of fed cattle required under the mandatory minimum established under subsection (b) for the covered region in which the processing plant is located. (d) Enforcement (1) In general On establishing mandatory minimums under subsection (b), the Secretary— (A) shall regularly monitor compliance by covered packers with those mandatory minimums