Rep. Ann Wagner (R-MO) questioned Treasury Secretary Janet Yellen on what the government was doing to address the troubling issues affecting the economy besides the Strategic Petroleum Reserve.
Wagner claimed that there was an acute baby formula shortage in her district and mothers could not afford fuel for their cars because of the soaring gas prices.
Secretary Yellen assured that the government is trying to unblock the clogged supply chains and set up changes that will bring the situation under control. She said that the ports of Los Angeles and Long Beach brought down the backlogs significantly, which were the key factors in raising the prices.
Earlier this year, the Food and Drug Administration warned consumers not to use certain powdered infant formula products from Abbott Nutrition’s Sturgis, Michigan facility. The company also issued a voluntary recall of certain products. Since then, the agency is working with Abbott and other manufacturers to ensure safer products are available in the U.S. markets. Before the recall, the FDA was working to address the supply chain issues already impacting the infant formula industry due to the pandemic.