U.S. senators, Elizabeth Warren and Mike Rounds on May 19 introduced a bipartisan resolution asking the Federal Trade Commission (FTC) to investigate beef companies for potential price-fixing.
It is the latest effort by politicians to hold meat companies accountable for high food prices, which critics blame in part on U.S. beef production being controlled by just four large companies.
The senators invoked a 1914 act that authorizes the president or Congress to direct the FTC to investigate alleged antitrust violations. The rule has not been used since the 1920s.
Four companies slaughtered about 85 per cent of U.S. grain-fattened cattle that were made into steaks, beef roasts and other cuts of meat for consumers in 2018, according to the most recent data from the U.S. Department of Agriculture (USDA).
The companies did not immediately respond to request for comment but have previously denied that consolidation drives up prices. — Reuters
