Wednesday, July 3, 2013

Called for oversight of Smithfield-Shuanghui merger

Congressman J. Randy Forbes

Congressman Forbes requested that President Obama appoint the Secretary of Agriculture to the Committee on Foreign Investment in the United States (CFIUS), an inter-agency committee authorized to review transactions that could result in control of a U.S. business by a foreign entity in order to determine the effect of such transactions on the national security of the United States.  Currently, CFIUS does not include the Secretary of the Department of Agriculture; however, it is the U.S. Department of Agriculture that has jurisdiction over food safety and inspection within the United States, as well as foreign market access to U.S. products.  Additionally, Congressman Forbes requested that the Antitrust Division of the Department of Justice investigate the market impact of this acquisition, with an emphasis on its free trade and food supply implications.