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President Donald Trump signed an executive order on Saturday to create food supply chain security task forces to address potential risks from 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 anti-competitive behavior, especially by foreign-controlled companies, increases the cost of living for Americans and address any associated national security threat to food supply chains,” Trump said in the order.
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President Donald Trump signed an executive order to create food supply chain security task forces to address potential risks from price fixing and anti-competitive behavior. (Anna Moneymaker / Getty Images)
The attorney general and the FTC chairman may bring enforcement actions and pursue new regulatory approaches if they find anti-competitive behavior 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 anti-competitive behavior exists in U.S. food supply chains, as well as whether control of food-related industries by foreign entities is “increasing the cost of food products in the United States or creating a national or economic security threat to Americans.”
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The new task forces will be established in the Justice Department and the Federal Trade Commission. (Kent Nishimura / Reuters Photos)
“An affordable and secure food supply is vital to America’s national and economic security,” Trump said. “However, anti-competitive behavior, especially when carried out by foreign-controlled corporations, threatens the stability and affordability of America’s food supply.”
“In recent years, certain companies in the American food supply chain have even settled civil suits accusing them of price fixing for tens of millions of dollars,” he continued. “Food supply sectors including meat processing, seed, fertilizer, and equipment have similar vulnerabilities to price fixing and other anti-competitive practices.”
The attorney general and the FTC chairman may bring enforcement actions and pursue new regulatory approaches if they find anti-competitive behavior during the investigation. (Alex Wong / Getty Images)
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The task forces are asked to brief the speaker of the House, the Senate majority leader and the chairs of congressional committees of jurisdiction with a summary of their progress within 180 days of the order, and again within 365 days of the order, including potential recommended congressional actions.