House Agriculture Committee Chairman David Scott announced on Wednesday that the CEOs of Cargill, Tyson Foods (TSN.N), JBS (JBSS3.SA), and National Beef Packing have agreed to testify at a Congressional hearing on cattle markets and price increases for consumers.

Scott said in a statement that “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,”

He also stated that “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,”.

Increased costs and profits for meatpacking corporations have threatened to heighten Washington’s scrutiny of the industry, which has been attacked by the Biden administration for a lack of competition.

Concerns that a small group of meat packers could dictate beef, pork, and poultry prices, adding to inflation pressures caused by rising labour and transportation costs, as well as COVID 19-related supply constraints, prompted US President Joe Biden to announce a plan in January for new rules to boost competition and stop “exploitation” in the sector.

In January, the chairman of the House of Representatives subcommittee on economic and consumer affairs wrote to major meat processing corporations in the United States, requesting information on rising costs and profits.

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