Resolution introduced to investigate anticompetitive practices
Two US Senators want the Federal Trade Commission to investigate potential price fixing in the beef industry.
The bipartisan resolution, introduced by Senators Mike Rounds (R) of South Dakota and Elizabeth Warren (D) of Massachusetts, would direct the FTC to report its findings to Congress within one year. The investigation would look at the extent of anticompetitive practices and violations of antitrust law in the beef packing industry; the monetary impact of those potential violations; and recommendations for next steps.
The resolution invokes a 1914 act that authorizes the President or Congress to direct the Federal Trade Commission to investigate alleged antitrust violations. The has not been used since the 1920’s.
US Cattlemen’s Association vice president Justin Tupper says it is completely unacceptable that cattlemen have waited this long for the results of the Department of Justice’s investigation into the beef industry, which was directed by former Secretary of Agriculture Sonny Perdue.
The North American Meat Institute says the resolution mischaracterizes beef and cattle markets and has released a document taking a closer look at the claims made by Senators Warren and Rounds.