“Big Four” Meat Packer CEOs to Testify Before Congress
“I am pleased to announce that the Chief Executive Officers of each of the four largest meatpackers in the United States have agreed to testify at our upcoming Congressional hearing discussing cattle markets and price increases for consumers,” said Chairman David Scott. “It is very important, very vital, and very urgent that we hear the perspectives from the CEOs at these companies and get the full picture of why prices have gone up for consumers and down for ranchers.”
Back in January President Biden said he was committed to addressing the concerns of monopolies in the meat packing sector.
“In too many industries, a handful of giant companies dominate the market,” said Biden. “And too often, they use their power to squeeze out smaller competitors and stifle new entrepreneurs, making our economy less dynamic and giving themselves free rein to raise prices, reduce options for consumers, or exploit workers. The meat industry is a textbook example on the price side. Four big corporations control more than half the markets in beef, pork, and poultry.”
As for the House Ag committees goal with the CEO’s testimony, Chairman David Scott continued, “In addition to this panel of CEOs, we will be convening a panel of ranchers to hear what consolidation in the beef industry has done to their bottom lines and viability. We look forward to the variety of perspectives we will receive at this hearing and the clarity it will provide to our ranchers, our consumers, and to our nation’s food security.”
The House Ag Committee hearing is set to take place on April 27, 2022.
Source: Ag Information Network/Western Ag Network