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President Donald Trump signed an executive order on Saturday to create a food security authority to address potential risks from price manipulation and anti-competitive behavior.
The new forces will be established by the Department of Justice and the Federal Trade Commission (FTC), according to the White House.
“My administration will take action to determine whether anti-competitive companies, especially foreign-owned companies, increase the cost of living for Americans and address any national security threats related to food supply chains,” Trump said in a statement.
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President Donald Trump signed an executive order to create a food safety security force to address potential risks of price manipulation and anti-competitive behavior. (Anna Moneymaker / Getty Images / Getty Images)
The Attorney General and the Chairman of the FTC can bring enforcement actions and pursue new regulatory measures if they find an anticompetitive practice during an investigation.
Both will take “all necessary and appropriate actions” to investigate food-related industries in their established areas of expertise and determine whether food-related industries are present in the US food chain “increasing security or economic threats to the American people.”
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New forces will be created at the Department of Justice and the Federal Trade Commission (FTC). (Reuters / Kent Nishimura / Photos Photos)
“Affordable and safe and secure food is essential to America’s national security and economy,” Trump said. “However, an anti-competitive approach, especially when it is carried out by foreign-controlled companies, threatens the stability and supply of American food.”
“In recent years, some companies in the American Food Supply Chain have even settled civil suits alleging price-fixing in the tens of millions of dollars,” he continued. “Food Sectors including meat processing, seeds, fertilizers and machinery are equally vulnerable to price fixing and other anti-competitive practices.”
The Attorney General and the Chairman of the FTC can bring enforcement actions and pursue new regulatory measures if they find an anticompetitive practice during an investigation. (Alex Wong / Getty Images / Getty Images)
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The powers that be are requested to short the Speaker of the House, the majority leader of the Senate and the chairs of the letters committees of the nomination committees respectively within 180 days
