The Family Grocery and Farmer Relief Act aims to restore competition in the meatpacking industry to combat high meat prices affecting American families and to enhance the economic viability of farmers. The legislation addresses the excessive market power held by a few large firms, which has led to inflated prices for consumers and reduced profits for independent producers. Key provisions include restrictions on large meatpacking firms, preventing them from owning multiple types of protein businesses and mandating divestiture if they violate these rules.