; and (2) by inserting after section 258 ( 7 U.S.C. 1636g ) the following: 259. Mandatory minimums (a) Purpose The purpose of this section is to establish mandatory minimums— (1) to enhance price discovery, transparency, and cattle producer leverage for cattle market participants; and (2) to minimize and mitigate conflicts of interest and other incentives for a covered packer to influence the base price of formula marketing arrangements for the benefit of the covered packer through action or inaction in the market in which the base price is determined. (b) Establishment (1) In general Not later than 2 years after the date of enactment of the Cattle Price Discovery and Transparency Act of 2023 , the Secretary shall establish— (A) 5 to 7 contiguous regions (referred to in this section as covered regions ) that— (i) together encompass the entire continental United States; and (ii) to the extent practicable, reasonably reflect similar fed cattle purchase practices; (B) a mandatory minimum— (i) for each covered region established under subparagraph (A); and (ii) that shall be applicable with respect to each processing plant of a covered packer located in that covered region; and (C) a time period within which a covered packer shall be required to meet the applicable mandatory minimum, which shall be not less than 1 week but not more than 30 days. (2) Modifications The Secretary— (A) shall review the mandatory minimums established under paragraph (1) not later than 2 years after the date of establishment and periodically thereafter, but not less frequently than once every 5 years