U.S. senators propose investigation into beef price fixing

US Senators Elizabeth Warren and Mike Rounds on Thursday introduced a bipartisan resolution asking the Federal Trade Commission (FTC) to investigate beef companies for possible price fixing, Reuters reported.

This is the latest attempt by politicians to hold beef companies accountable for high food prices, which critics blame in part on the U.S. beef sector, which is controlled by just four large companies.

Senators cited a 1914 law that empowers the President or Congress to direct the Federal Trade Commission to investigate alleged antitrust violations. The rule has not been used since the 1920s.

Four companies slaughtered about 85% of grain-fed cattle in the US in 2018, according to the latest figures from the United States Department of Agriculture (USDA). Big 4 processors: Cargill, Tyson Foods Inc, Brazilian JBS SA and National Beef Packing Co.

The companies did not immediately respond to a request for comment, but had previously denied that the consolidation was pushing prices up.

The Justice Department is already investigating price fixing in the poultry industry.

Angela Huffman, co-founder and vice president of the political and advocacy group Farm Action, which approved the resolution, said Congress must use every tool possible to stop monopoly abuses.