CEOs of four large U.S. meatpackers to testify in Congressional hearing

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WASHINGTON, April 13 (Reuters) - The chief executives of U.S. meatpackers Cargill, Tyson Foods (TSN.N), opens new tab, JBS (JBSS3.SA), opens new tab and National Beef Packing have agreed to testify at a Congressional hearing discussing cattle markets and price increases for consumers, House Agriculture Committee Chairman David Scott said on Wednesday.
"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," Scott said in a statement.
"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 bottomlines and viability," he added.
Increased prices and profits for meatpacking companies have threatened to amplify Washington's scrutiny of the U.S. meatpacking industry, as the Biden administration has criticized a lack of competition in the sector. read more
U.S. President Joe Biden announced a plan in January for new rules to bolster competition and stop "exploitation" in the sector amid concerns that a small group of meat packers was capable of dictating beef, pork and poultry prices, adding to inflation pressures caused by rising labor and transportation costs and by COVID 19-related supply constraints.
In January, the chairman of the House of Representatives subcommittee on economic and consumer policy sent a letter to major U.S. meat processing companies, seeking information on rising prices and profits. read more

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Reporting by Kanishka Singh in Washington Editing by Bernadette Baum

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Kanishka Singh is a breaking news reporter for Reuters in Washington DC, who primarily covers US politics and national affairs in his current role. His past breaking news coverage has spanned across a range of topics like the Black Lives Matter movement; the US elections; the 2021 Capitol riots and their follow up probes; the Brexit deal; US-China trade tensions; the NATO withdrawal from Afghanistan; the COVID-19 pandemic; and a 2019 Supreme Court verdict on a religious dispute site in his native India.

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