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President Donald Trump signed an executive order on Saturday to establish food supply chain safety task forces to address the potential risks of price fixing and anti-competitive behavior.
The new task forces will be established by the Justice Department and the Federal Trade Commission (FTC), according to the White House.
“My administration will act to determine whether anticompetitive conduct, especially by foreign-controlled companies, is raising the cost of living for Americans and address any associated national security threats to food supply chains,” Trump said in the order.
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President Donald Trump has signed an executive order to establish food supply chain safety task forces to address the potential risks of price fixing and anti-competitive behavior. (Anna Moneymaker/Getty Images/Getty Images)
The Attorney General and the Chairman of the FTC may take enforcement actions and pursue new regulatory approaches if they identify anticompetitive conduct during the investigation.
The two will take “all necessary and appropriate actions” to investigate food-related industries within their established areas of expertise and determine whether anticompetitive conduct exists in U.S. food supply chains, and whether the control of food-related industries by foreign entities “increases the cost of food products in the United States or creates a national or economic security threat to Americans.”
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The new task forces will be established at the Department of Justice and the Federal Trade Commission (FTC). (Reuters/Kent Nishimura / Reuters Photos)
“An affordable and safe food supply is critical to America’s national and economic security,” Trump said. “However, anti-competitive behavior, especially when conducted by foreign-controlled corporations, threatens the stability and affordability of the U.S. food supply.”
“In recent years, certain companies in the U.S. food supply chain have even settled civil lawsuits accusing them of price fixing to the tune of tens of millions of dollars,” he continued. “Food supply industries, including meat processing, seed, fertilizer and equipment, have similar vulnerabilities to price fixing and other anticompetitive practices.”
The Attorney General and the Chairman of the FTC may take enforcement actions and pursue new regulatory approaches if they identify anticompetitive conduct during the investigation. (Alex Wong/Getty Images/Getty Images)
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The task forces are asked to brief the Speaker of the House of Representatives, the Senate Majority Leader, and the chairmen of appropriate congressional committees with a summary of their progress within 180 days of the order, and again within 365 days of the order, including any recommended congressional actions.
