Food prices, particularly for beef, have skyrocketed and inflation remains a major concern for the White House; the administration has blamed the drop in revenue for farmers, as well as the increase in consumer prices, on a small number of companies controlling a majority of the meat, pork and poultry markets.
On January 3, 2022, the President Joe Biden, met with farmers, ranchers and independent meat processors on Monday to discuss his plans to create a more competitive supply chain in hopes of boosting profits for family farms and lowering prices for consumers.
The Biden administration is aiming to provide $1 billion in American Rescue Plan funds to help expand independent processing capacity, and provide funding that would give independent meat producers access to cold storage and other equipment to improve distribution of their products. The White House said it plans to work with Congress on legislation aimed at making cattle markets more transparent and encouraging price negotiations. Another component of the administration's plan is the issuance of new rules designed to combat anti-competitive practices by meatpackers and processors and clarify “Product of USA” labeling so that consumers know the sources of their meat.
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