Sec. 301. Findings

257 words·~1 min read·/bill/119/s/4007/is/section-301

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Congress finds the following: A significant portion of domestic beef, pork, and chicken processing capacity is owned or controlled by foreign-based multinational corporations, raising concerns relating to food system resilience, transparency, and national security. JBS S.A., a foreign-based multinational corporation, is the largest beef processor operating in the United States and has obtained substantial domestic meatpacking assets through a sustained acquisition strategy. In 2020, J&F Investimentos S.A.

(the parent company of JBS S.A.) agreed to pay more than $280,000,000 to settle Department of Justice and Securities and Exchange Commission charges relating to bribery and other corrupt practices involving foreign government officials to obtain preferential financing and other financial advantages from state-backed institutions. Capital obtained through such corrupt practices was used, in whole or in part, to finance acquisitions of meatpacking and food processing assets in the United States.

The use of corruption-derived or preferential state-backed financing to acquire United States agricultural assets distorted competitive conditions and disadvantaged firms that relied on lawful, market-based financing. The People’s Republic of China has an increasing footprint in the food supply chain in the United States, with Smithfield Foods, owned by the WH Group of the People's Republic of China, holding a major position in United States pork processing and announcing in January 2026 its acquisition of Nathan’s Famous, an iconic brand of the United States.

When major processing capacity and widely recognized brands in the United States move under the control of a foreign parent company, the public deserves to know how that affects competition, pricing power, and national security.