"The top-four beef packers increased their market share from 32% to 85% in the past three decades. At the same time, each year since 1980, an average of nearly 17,000 cattle ranchers have gone out of business,” says the Bipartisan Beef-Packing Investigation Resolution introduced by U.S. Senators Elizabeth Warren (D-Mass.) and Mike Rounds (R-S.D.).
Digging into the history files, Sen. Warren and Sen. Rounds called on the Federal Trade Commission Act of 1914 (FTC Act) to dive into the antitrust allegations against “The Big 4” including Tyson Foods Inc., Cargill, JBS SA and National Beef Packing Co.
The FTC Act allows the president or Congress to investigate and report the facts relating to any alleged violations of the antitrust Acts by any corporation within one year, says Cornell Law School’s Legal Information Institute. This act has not been utilized by Congress since the Great Depression era.
The senators’ resolution directs the FTC to report to Congress within one year on the extent of anticompetitive practices and violations of antitrust law in the beef-packing industry, including price fixing, anticompetitive acquisitions, dominance of supply chains and monopolization, says the resolution...MORE
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