US Senators Josh Hawley and Tammy Baldwin are urging the Federal Trade Commission (FTC) to open an antitrust investigation into the meatpacking and processing industry.
Sen. Hawley and Baldwin sent a letter to the FTC to express their concerns and fears. In the letter, the senators argue the domination of four companies in the meatpacking and processing industry creates an anti-competitive atmosphere and undermines the stability of the United State’s meat supply.
The senators want the FTC to investigate the practices of Tyson Foods, Cargill, JBS S.A., and Smithfield Foods.
They are urging the Commission to ask probing questions about meatpacking firms’ conduct, pricing, contracting, and how their commitments to overseas interests impact the US market.
The senators believe this is an issue of national security. The letter states the four companies process 85% of all the beef in the US and three of the companies, multinational firms, control 63% of America’s pork processing.
The concern is there are few meat processing plants to handle the supply and demand in the US which puts consumers and farmers at risk.
In recent days, some pork, beef and chicken plants have been forced to close due to thousands of employees contracting COVID-19. The fear is there will be a lasting ripple effect in the food supply industry for Americans due to the plant shutdowns.
Full Content: Fox News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Pfizer Settles Remaining Effexor XR Antitrust Claims for $25.5 Million
Apr 29, 2024 by
CPI
South Korean Regulator Approves LG Uplus and Kakao Mobility EV Charging Venture
Apr 29, 2024 by
CPI
Federal Judge Dismisses Doctors’ Antitrust Suit Against Ohio Health System
Apr 29, 2024 by
CPI
Paramount CEO Bob Bakish Steps Down as Merger Inches Closer
Apr 29, 2024 by
CPI
EU Brands Apple’s iPadOS as Gatekeeper in Tech Crackdown
Apr 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI