The Packers and Stockyards Act of 1921 was passed to regulate the meatpacking industry and ensure fair practices, as large meatpackers were exploiting livestock producers and manipulating meat prices. The Act prohibited unfair or deceptive practices to protect producers and consumers, and established the Grain Inspection, Packers and Stockyards Administration to enforce its regulations. By promoting fair competition in the industry, the Act helped modernize meat production in the U.S. and establish a more efficient national market.