In a noteworthy turn of events in Washington, D.C., U.S. Senators from both sides of the aisle have raised eyebrows over the IPO plans of JBS S.A., the Brazilian meat-packing leader, eyeing the New York Stock Exchange. It’s no small news, given JBS’s stature as one of the top meat packers in the United States.
At the forefront of this group is Senator Cory Booker from New Jersey. They’ve reached out to Gary Gensler, the head honcho at the U.S. Securities and Exchange Commission (SEC), laying bare their concerns. What’s got them worried? Well, it’s a mix of things – from JBS’s past run-ins with corruption and human rights issues to their beefy presence (no pun intended) in the meatpacking market, not to mention the environmental red flags. The Senators’ goal? To make sure the SEC keeps the U.S. capital markets clean and safeguards American investor rights.
They’re aware, though, that competition matters aren’t the SEC’s usual gig. However, they’re stressing the need to think about how JBS’s entry into U.S. capital markets might give them an even tighter grip on the market. This, they fear, could be bad news for U.S. farmers and ranchers.
And there’s more on their minds, especially JBS’s methods of sourcing cattle, which plays into the deforestation issues in the Amazon.
This move by JBS isn’t a sudden one – they’ve been at it, trying to get their shares on the New York Stock Exchange, for more than a decade. Now, it seems they’re pushing harder than ever.
The letter to the SEC bears the signatures of a wide array of Senators. We’re talking big names like Cory Booker, Marco Rubio, Sherrod Brown, Josh Hawley, and many others. This shows the bipartisan concern over the issue.
This whole scenario is a reflection of the ongoing scrutiny that big multinational corporations face in the U.S., highlighting their impact on different sectors, including agriculture.
