U.S. Senator Elizabeth Warren. Picture: Collected
U.S. Senators Elizabeth Warren and Mike Rounds on Thursday(19 May, 2022) introduced a bipartisan resolution calling on the Federal Trade Commission to investigate the possible pricing of beef companies.
Politicians' latest attempt to hold meat companies accountable for high food prices has been criticized by critics for the U.S. beef production controlled by just four large companies.
The senators called for a 1914 law that would allow the president or Congress to direct the FTC to investigate alleged breaches of the no-confidence motion. The rule has not been used since 1920.
According to the latest data from the US Department of Agriculture (USDA), in 2018, four companies slaughtered about 85% of US grain-fattened cattle made from steak, roast beef and other pieces of meat for consumers.
The big four processors are: Cargill (CARG.UL), Tyson Foods Inc (TSN.N), Brazil-based JBS SA (JBSS3.SA), and National Beef Packing Co (NBEEF.UL).
The companies did not immediately respond to requests for comment but have previously refused to raise merger prices.
The judiciary is already conducting pricing investigations into the poultry processing industry.
Angela Huffman, co-founder and vice president of policy and advocacy group Farm Action, which endorsed the resolution, said Congress should use every possible tool to stop monopoly abuses.
"We are excited that a bipartisan team is reaching back in history and dusting off this tool. The downside is that it is a long path to make change."
|Source: Online/SZK
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