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U.S. FTC orders nine companies to provide information in supply chain probe -Breaking

© Reuters. FILE PHOTO – Signage seen at Washington, D.C., Federal Trade Commission Headquarters, U.S.A, August 29, 2020. REUTERS/Andrew Kelly

WASHINGTON (Reuters), – The U.S. Federal Trade Commission stated Monday that they have opened an investigation into supply chain disruptions. Nine large companies were ordered to report detailed information.

The agency said it has asked Walmart (NYSE:) Inc, Amazon (NASDAQ:), Kroger (NYSE:) Co, C&S Wholesale Grocers Inc., Associated Wholesale Grocers Inc., Berkshire Hathaway (NYSE:) unit McLane Co Inc, Procter & Gamble (NYSE:) Co, Tyson Foods (NASDAQ) and Kraft Heinz, (NASDAQ), to give the requested information within 45 calendar days.

According to the agency, this study will determine whether supply chain problems are causing bottlenecks, anticompetitive practices and higher prices.

On Monday, President Joe Biden will meet with top executives from major retailers and other businesses at the White House to talk about how goods can be moved to shelves. The U.S. holiday season has begun under the Omicron coronavirus variant.

Lina Khan (FTC Chair) stated that in a statement, she was optimistic about the findings of the study. She said that it would shed light on “market conditions and business practices” that might have caused these disruptions or contributed to them.

On a bipartisan vote of 4-0, the FTC approved this study.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.