CEOs of largest beef producers will testify to Congress on rising prices

The CEOs of the four biggest U.S. beef producers — Cargill, Tyson, JBS and National Beef Packing — will testify before the House Agriculture Committee on rising meat price, Chair David Scott (D-Ga.) announced Wednesday.

The big picture: Increasing beef prices have coincided with a rise in inflation. The Biden administration has argued that large corporations have kept prices high to maintain profit margins.

What he's saying: "I am pleased to announce that the Chief Executive Officers of each of the four largest meatpackers in the United States have agreed to testify at our upcoming Congressional hearing discussing cattle markets and price increases for consumers," Scott said in the news release.

• "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."

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