"Modern-Day Monopoly": GOP Senator Sounds Alarm On Mega Corporations Hijacking US' Beef Supply

Senator Josh Hawley criticized the control that four large corporations have over the US beef processing industry, calling it a modern-day monopoly. These corporations, including JBS, Tyson Foods, Cargill, and National Beef, control over 80% of the nation's beef supply chain. Hawley warned that this level of control allows the companies to act with impunity, hurting farmers and consumers alike. He spoke at the Senate Judiciary Committee's Subcommittee on Competition Policy, Antitrust, and Consumer Rights, where he asked Federal Trade Commissioner Mark Meador if the FTC could take action against the beef monopoly. Meador responded that the FTC could take action, particularly at the retail level, where the lack of competition leads to higher prices for consumers. Hawley argued that the current system only benefits the monopolists, while farmers are paid less for their products and consumers pay more for beef. He called for more competition in the industry, which would help to lower prices and increase fairness for farmers and consumers. The issue is particularly concerning because two of the largest beef processors, JBS and National Beef, are foreign-owned, which poses a national security threat. To address this issue, some are advocating for a grassroots movement to support regional microprocessors, which would decentralize the food supply chain and give more control to local ranchers and farmers. By supporting local processors, farmers and ranchers could sell their products at higher prices, helping to revive rural economies and preserve family farms.