Sunday, 15 May 2022

Governor State Bank of Pakistan, new Chairman of Asian Clearing Union (ACU)

Dr. Murtaza Syed, Acting Governor State Bank of Pakistan (SBP) assumed the charge of Chairman of the Board of Directors of the Asian Clearing Union (ACU) in the 50th meeting of the ACU Board held in Islamabad on May 13, 2022 in both physical and virtual modes.

Established in 1974 with permanent headquarters in Iran, the Asian Clearing Union (ACU) is a payment arrangement system whereby member countries settle payments for intra-regional transactions among their central banks on a net multilateral basis. Currently, the Central Banks of Bangladesh, Bhutan, Iran, India, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are members of the ACU. The main objectives of the clearing union are to facilitate payments among member countries for eligible transactions, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade and banking relations among the participating countries. 

The Secretary General of ACU, Mrs. Lida Borhan Azad, presented the annual report on the operations of the union for the year 2020, which the Board approved and adopted.

The Board reviewed progress on the ongoing projects being undertaken by the union. It reviewed a new web based messaging system and constituted a sub-committee to finalize the recommendations for its implementation within six months. The Board also considered the report on issues faced by traders under the ACU mechanism and decided to implement the recommendations in the next three months. 

While appreciating the report on the use of domestic currencies for settlement of trade transactions prepared by the Reserve Bank of India (RBI), the Board requested RBI to convene a virtual seminar to enable member countries to gain a fuller understanding of the proposed mechanism. The Governors and head of the delegations of the countries also gave a broad overview of the economic development in their respective economies and shared their experiences in addressing the challenges emerging in the post COVID-19 global landscape.

Governor Central Bank of Myanmar, Than Nyein, Vice Governor Central Bank of Iran, Dr.Mohsen Karimi, Chief Economist Central Bank of Bangladesh Md. Habib ur Rehman, and Executive Director Nepal Rastra Bank Ramu Paudel participated in the meeting physically. Governor Dr. P. Nandalal Weerasinghe, and Deputy Governor of Central Bank of Sri Lanka, T.M.J.Y.P Fernando, Governor Maldives Monetary Authority Ali Hashim, Ms. Yangchen Tshogel Central Bank of Bhutan and Executive Director RBI Radha Shyam Ratho, attended the meeting virtually.

At the conclusion of the Board meeting, Mrs. Lida Borhan Azad relinquished the charge of Secretary General of the ACU after distinguished service of the Union for 15 years. While appreciating the services of Mrs. Lida Borhan, the Board appointed Farhad Morsali as the new Secretary General of the ACU, as recommended by the Central Bank of Iran.

The meeting ended with all member countries emphasizing their commitment to further enhancing their trade and banking relationships. It was decided that central bank digital currencies (CBDCs) would be the special topic on which research would be conducted during Pakistan’s chairmanship of the ACU over the next twelve months.

Shehbaz Sharif taking Pakistan further away from reconciliation with IMF

It may be said without mincing words and unequivocally that the latest decision of Prime Minister Shehbaz Sharif not to increase electricity and gas tariffs and prices of petroleum products has pushed Pakistan further away from reconciliation with International Monetary Fund (IMF).

Yesterday he was required to approve the increases, as a preamble to the commencement of negotiations between IMF and Pakistan. On the contrary he not only didn’t approve the increase, but announced a plan to pay Rs224 billion subsidies for four months spanning March-June 2022, without giving any clue as to how this additional amount will be mobilized.

As Sri Lanka started moving towards eminent default, many experts in Pakistan also started ringing bells that the country could also meet the same fate. At present Pakistan has foreign exchange reserves barely enough to meet six-week import. In case neither IMF nor any other friendly country extend the helping hand, default looks certain.

To add to the knowledge, a ‘fitness certificate from IMF’ is a must and without it no multilateral institution will be ready to extend fund. It is on record that Saudi Arabia has also said categorically that first Pakistan has to ‘normalize’ relations with IMF and only then it will give the promised dollars.

It is necessary to reiterate that IMF has promised: 1) to extend the tenure of the current program for another two years and 2) to raise the amount to US$8 billion, from US$6 billion. Now it is for Pakistan to agree on the terms and conditions and also to meet the agreed targets.

The consultations have been scheduled for May 18, 2022 and Pakistan was required to increase electricity and gas tariffs and raise petroleum prices. To be honest the incumbent government has not only failed in meeting the pre-requisite but also providing a time line for meeting these.

Imran Khan’s opponents have already started saying that he is responsible for the current mess. However, they tend to forget that by moving a non-confidence move against Khan and accepting the offices, they have accepted the challenge to put the economy on track.

To conclude please allow me to say that the incumbent Prime Minister and his team of economic advisors have failed in the first test. Even the bigger challenge is presentation of federal budget for the next financial year.

They have two options: 1) please IMF and remain in power or 2) go for the early elections. Ironically they can’t exercise either of the option because they will lose the support of masses and will not be able to get simple majority in the next election, what to talk of attaining 2/3 majority.   

Saturday, 14 May 2022

Can election in Lebanon restore peace and stability in the country?

In Lebanon polling is being held today (Sunday) and the country’s future could depend on a high turnout among the diasporas and voting changes in the country. However, the Hezbollah stranglehold on the country is expected to remain.

Israel terms this Catch-22 that it has been facing for years. It wants to Lebanon to be stable and successful. It accuses Hezbollah of siphoning off resources to build up its arsenal. Israel believes, if Lebanon is weakened, Hezbollah wins by forcing Lebanese to flee the country as it continues to grow its Iranian-financed tentacles.

According to reports more than 100,000 Lebanese living abroad have already cast ballots for the parliamentary election, many backing political newcomers after the worst crisis since Lebanon’s 1975-90 civil war led to widespread poverty and a wave of emigration. Sunday’s election would be the first for the 128-member legislature since mass protests in October 2019 against political elites widely seen as responsible for decades of corruption and mismanagement.

The western media says, “Once a successful country seen as a stable, prosperous, diverse and beautiful global destination for tourists and intellectuals has long fallen into religious extremism and chaos”.

It is often alleged that Hezbollah has benefited from the chaos. When Saudi Arabia and Sunni Arab powers grew concerned about the Iranian-backed Shi’ite extremist movement, Lebanon began to look like it could fall into sectarian conflict similar to Iraq.

Later Riyadh appeared to withdraw support. Saudi Arabia had helped guarantee peace in the country after the Civil War of the 1970s and 1980s. However, the demographic-sectarian balance that underpins politics in Lebanon has been hijacked.

Western media openly says that Hezbollah not only uses Lebanon as a launching pad for threats against Israel; it also threatens the entire region. Yet Hezbollah does not have a way to solely control the parliament in Lebanon, and the sectarian voting system means it must ally with Christian and Druze parties. It has successfully done so in the past, controlling appointments to the presidency and even coming to control ministries.

The biggest tragedy is that Lebanon faces a huge financial crisis. Reports say that 80% of Lebanese are already in living poverty, and the Lebanese currency is losing value. This is likely, in part, the fault of the country’s elites who keep their money abroad.

Western media also plays mantra that the pandemic, inflation and the new crisis in Ukraine that has disrupted some global food supplies will add to the woes of the small country. Consider also that supply chain issues related to China mean that Lebanon will suffer even more. Endless and tough lockdowns in places like Shanghai are spreading global chaos. Lebanon was already on the brink. What might happen next?

Some media reports see Lebanon as being a victim of rivalries in the region. This posits that actors like Iran prey on Lebanon because they want to harm Israel. However the reality is much more complex. Iran uses Lebanon as an outlet to the Mediterranean, and Tehran is now involved via militias in the drug trade from Syria that threatens Jordan and the Gulf.

According to the western media, Lebanon is part of the Iranian axis, even though many Lebanese don’t approve of this hijacking. The UN has failed to rein in Hezbollah and enforce demands that its illegal weapons do not percolate around the country, yet Hezbollah continues to build up an arsenal.

A recent video appeared to show a new anti-ship missile in Hezbollah’s hands. Israel recently upgraded and received new naval platforms, such as the Sa’ar 6. This will matter in any future conflict with the armed Lebanese terror group.

Hezbollah also slammed US mediator Amos Hochstein recently, proclaiming in a video that it did not want to meet with any more “Steins,” a thinly veiled antisemitic reference that sought to highlight Hochstein’s Jewish background. With this language, it is hard to be optimistic about any future negotiations with Lebanon that might settle the maritime boundary and also enable peace and stability.

The US mantra is that Lebanese should work closely with the US and partners in the region to make sure Lebanon remains stable, regardless of the outcome of the election.



 

 

Iran calls on Muslims to halt Israeli atrocities

In a statement issued on the occasion of Nakba Day, which commemorates the illegal Zionist regime of Israel, Iran's Foreign Ministry noted that the only option to ensure Palestinian rights is for governments and Muslim nations to embrace resistance against the occupiers.

Any compromise with the Islamic Ummah's sworn foes, according to Foreign Ministry, supports the apartheid Zionist regime's heinous deeds and human rights violations.

The full text of the statement is as follows:

“May 14, 1948, the Nakba Day, is reminiscent of occupation, massacre and displacement of the true owners of the Palestinian land at the hands of Zionist occupiers and usurpers, and the onset of a trend of systematic violations of the Palestinian nation’s natural and basic rights.

Since that date, the criminal Zionists — backed by some Western powers — have usurped the holy land of Palestine with the forceful use of weapons and through carnage and plunder, laying the foundation for lasting insecurity and instability in the West Asia region, a situation that continues to this day.

The anniversary of the Nakba Day once again reminds the world’s governments and nations of their human and legal duty of defending the Palestinian people’s rights and puts on display the failure of international institutions and organizations to resolve one of the longest-running humanitarian and political crises in the world.

This comes especially at a time when the usurper Zionist regime has started a new round of desecrations of Palestine’s religious sites, Islamic sanctities and al-Quds as well as slaughter of the defenseless Palestinian people, which has, of course, been met with a crushing response from Palestine’s popular resistance and Intifada, with God’s grace.

The Islamic Republic of Iran’s Ministry of Foreign Affairs emphasizes addressing the issue of Palestine, as the foremost and principal issue of the Muslim world, and considers attempts by global Zionism to drive the issue into oblivion is doomed to failure.

As shown by history, any compromise with the sworn enemies of the Islamic Ummah encourages the apartheid Zionist government’s inhumane acts and violations of human rights. Muslim nations and leaders should know that the only way to realize the Palestinian people’s rights is maintaining Islamic unity and convergence and the world’s freedom-seeking governments and Muslim nations’ support for the resistance against occupiers and bullying powers.

The Islamic Republic of Iran believes that just and lasting peace will not be established in West Asia unless through the resolution of the fundamental issues in this crisis, including ending the organized occupation of Palestine, securing a return of refugees, deciding Palestine’s future through a referendum participated by all of its true owners, and finally, the formation of a unified Palestinian government, with Quds al-Sharif as its capital.

While expressing its full solidarity with the Palestinian people’s ideal cause and paying tribute to the martyrs and fighters on the path to freedom and the Muslims’ First Qibla, the Islamic Republic of Iran invites all governments and international bodies to shoulder their human and legal duties vis-à-vis the oppressed Palestinian people and prevent a continuation of occupation and crimes by the regime occupying al-Quds and the spread of this regime’s racist policies in occupied Palestine.”

 

Friday, 13 May 2022

US Defense Secretary succeeds in establishing contact with Russian Defense Minister, finally

It is beyond comprehension that United States sponsoring tons of lethal arms wants a ceasefire between Russia and Ukraine. Has the superpower realized it can’t defeat Russia or it is an attempt to recoup energy before making the final attempt to cause ‘substantial damage’ to Russia?

Another point of view is that Joe Biden has exhausted all the limits available to him regarding sale of arms to Ukraine. It may be recalled that Sen. Rand Paul hit the brakes Thursday on bipartisan hopes that the Senate could quickly pass nearly US$40 billion in Ukraine aid before leaving town for the week. 

Yet another point hardly being discussed is that the United States has lost the edge, because some European countries have started making gas payment in Russian ruble, having realized that no other source of supply is available, at least in the short term.

According to the latest reports, US Defense Secretary Lloyd Austin spoke with Russian Defense Minister Sergey Shoygu on Friday, marking the first time the two have spoken since before Moscow’s invasion of Ukraine began.

Austin “urged an immediate ceasefire in Ukraine and emphasized the importance of maintaining lines of communication,” Pentagon spokesman John Kirby said in a readout of the call.

Last time Austin had spoken with Shoygu on February 18, 2022, less than a week before Russia’s invasion began.

A month into the invasion, Kirby acknowledged that Austin and Joint Chiefs of Staff Mark Milley had unsuccessfully tried to engage with his counterparts. The Washington Post was the first to report the dilemma.  

“There are vehicles, we still have military-to-military communications with the Russians,” Kirby told Fox News. “But at the senior levels, where we think it’s really important particularly right now, that’s not happening. It is not happening because the Russians don’t seem to be interested.” 

A senior US defense official told reporters that the call was initiated by Austin and lasted about an hour, with the tone characterized as “professional.” 

It was unclear what changed on the Russian side to engage in the call, but Austin hopes it “will serve as a springboard for future conversations,” according to the official.

However, Austin “continues to have concerns about what’s going on in Ukraine,” and the call itself “didn’t specifically solve any acute issues or lead to a direct change in what the Russians are doing and what they’re saying,” the official said.

Whereas Austin and Milley have had a hard time speaking with their Russian counterparts, the two have remained close with their Ukrainian counterparts.

Austin has held multiple conversations with Ukrainian Defense Minister Oleksii Reznikov throughout the invasion, and the two most recently spoke on Thursday.

Also on Thursday, Milley spoke with Gen. Valery Zaluzhny, the commander-in-chief of the Ukrainian Armed Forces. According to a readout of the call, the two “continued to exchange perspectives and assessments of the ongoing Russian invasion of Ukraine.”

 

Naftali Bennett from one crisis to another

Lately a cartoon described the condition being faced by Israeli Prime Minister, Naftali Bennett, swimming in shark-filled waters, but he is not aware that there are more than a dozen sharks trailing him behind his back. 

The cartoon aptly illustrated where Bennett’s government stands right now, after resolving its coalition crisis with the Ra’am (United Arab List) Party.

That crisis was a reminder of how difficult it is to survive with a slim majority in the Knesset of 60 to 59 on a good day. It also demonstrated how sensitive the coalition is to any issue that could provoke controversy.

Mansour Abbas leading Ra’am into the coalition was celebrated worldwide as a historic breakthrough for Israel. Along with the Abraham Accords, an Arab party joining the coalition was seen internationally as Israel successfully entering a new era of mutually beneficial strategic cooperation with the Arab world despite the conflict with the Palestinians remaining unresolved.

Abbas enthusiastically and optimistically told The Jerusalem Post at an October 2021 press conference at the Knesset, where he presented the government’s massive new allocations to the Arab sector, that it would now become natural for Arab parties to join every Israeli governing coalition forever.

That historic breakthrough was nearly lost, due to Temple Mount violence and the lack of honest reporting about it. Like countless times in the past, violence on the Temple Mount that was exaggerated and fanned by fake news threatened to derail the sensitive fabric of life in the Holy Land.

Reports in the Arab world that made it look as though Israel was purposely trying to kill Muslims at prayer at the Aqsa Mosque nearly made it impossible for Abbas to climb down from the Mount and back into the coalition.

Even when Abbas was finally ready to end the crisis, another incident magnified in the international Arabic media around the world got in the way. Wednesday’s incident in Jenin in which Al Jazeera correspondent Shireen Abu Akleh was shot dead – and the bad press Israel got in its aftermath – could have forced Abbas to continue to freeze his party’s membership in the coalition, vote for a bill that would initiate an election and perhaps even torpedo Bennett’s government.

Abbas canceled a press conference he had scheduled in Kafr Kassem, called Abu Akleh a martyr and said he would insist on an international investigation of the incident. He would have carried on his protest of the incident longer and scored more points with his constituents, if he had had time.

But Abbas had to announce how his party would vote on the Likud’s Knesset dissolution bill in the afternoon and could not wait. His speech about “giving the coalition another chance” could have been written the day he began what was essentially a fake crisis that he initiated to look like the defender of al-Aqsa while the Knesset was on recess.

Abbas knows that he needs as much time as he can get in the coalition for his constituents to be able to see with their own eyes – or at least with their pocketbooks – the positive results of him joining.

What made it easier for Abbas to justify unfreezing Ra’am’s membership in the coalition was the foolishly unruly behavior of the opposition.

He spoke immediately after opposition leader Benjamin Netanyahu blasted him in a speech in the Knesset plenum that was supposed to be about Theodor Herzl.

Netanyahu picked yet another fight with Abbas, even though Ra’am could be a very easy coalition partner for him in the future. Every time Netanyahu calls Abbas “a terror supporter” or pretends he did not negotiate Ra’am building a bond with the Likud, Bennett’s coalition gets stronger.

The most right-wing MK in the Knesset, Itamar Ben-Gvir, helped strengthen the coalition even more by crashing Abbas’s press conference in the Knesset. Alternate Prime Minister Yair Lapid said later that the public prefers Abbas in the coalition over Ben-Gvir.

Then there was the opposition’s most uncouth MK, David Amsalem, who shocked MKs in both the coalition and opposition three times on Wednesday.

First he started an unnecessary fight with Knesset Speaker Mickey Levy, threatening the former Jerusalem police chief. Then he insisted on responding in the plenum to a consensus bill proposed by deaf MK Shirley Pinto that would require government offices to speak to deaf people via text messages. The bill passed 40-0, but Amsalem still had to speak against it.

Finally, Amsalem left a live interview with Channel 12 to cast the deciding vote on a bill. Meretz MK Yair Golan was on the same program, and the two had paired off to leave the coalition and opposition with the same balance in the plenum. But Amsalem left Golan as he was speaking next to him and raced up to vote.

It was less noticed by the coalition, but another MK who embarrassed herself was former coalition chairwoman Idit Silman. She claimed in a TV interview that one of the reasons she defected to the opposition was that the government had built a “Reform Kotel.”

She knows full well that no progress has been made on implementing the Western Wall agreement, that the family prayer site is not intended only for Reform Jews, that Reform is not a slur, and that while Bennett did build what he called the “Ezrat Israel,” it was when he was Jerusalem affairs minister under Netanyahu in 2014.

Silman said in the Knesset cafeteria that she thinks her bolting the coalition will prevent the site’s renovation. She said that since she left, the coalition has had to go “rightward” – yamina in Hebrew. But the coalition’s cooperation with the Joint List that came as the result of her departure has proven that the opposite is true.

Now that the fight with Abbas is over, there are plenty of challenges that await the coalition.

The sharks approaching Bennett include Jerusalem Day celebrations in two weeks, next month’s visit of US President Joe Biden to Israel, attempts to pass next year’s state budget that will begin on June 16, wavering Yamina MK Nir Orbach’s demand to hook up unauthorized outposts to the national electricity grid, and the pregnancy of New Hope faction head Sharren Haskel.

Haskel is due at the end of July, around the same time the Knesset will leave for its next recess. If she gives birth early, she may have to bring her newborn into the plenum to vote, as Pinto did six days after the birth of her child in December.

Jerusalem Day will be the first challenge. Opposition officials said they intend to exploit the holiday to anger Ra’am again, but they said they do have limits.

“We won’t cause a security crisis to cause a political crisis with Ra’am, but we will call for people to go on the Temple Mount on Jerusalem Day, of course,” a Likud spokesman said.

The spokesman said he did not think Netanyahu would ascend the Temple Mount, but acknowledged that it would not be the first time such a controversial step was taken by the head of the opposition from the Likud.

“It’s clear to everyone that the next crisis with Ra’am is only a matter of time,” the spokesman said. “This past week was not ideal for the opposition, but we won’t give up. They have dozens of bills in the pipeline that we stopped. They aren’t even trying to pass them. Even some they put on the agenda they took back. This doesn’t look like a government that can last very long. It can last a few weeks, but it is bound to end soon.”

In the weeks ahead, the coalition intends to continue the strategy that worked this week. Uncontroversial socioeconomic legislation will be advanced. Bills that do not have a consensus will have to wait.

Coalition bills will be put on the agenda only if a majority is obtained for them well in advance. Opposition bills will be passed by the coalition if they make sense and do not cost money, as eight were on Wednesday.

De facto coalition chairman Boaz Toporovsky said he intends to proceed with caution, knowing full well that there are plenty of sharks ready to attack. But he was not afraid of exulting about the opposition backing down from bringing the Knesset dissolution bill to a vote.

“The opposition surrendered and pulled back the bill,” Toporovsky said. “Another political spin crashed. They are scared. They know they have no majority, neither in the Knesset nor in the public. I recommend that all our doubters wait patiently and watch our government be strong and function. The unified coalition will continue to come to the Knesset and work hard for the entire Israeli public.”

Courtesy: The Jerusalem Post

Thursday, 12 May 2022

Looming Baby Formula Shortage in United States

According to media reports, the baby formula shortage has intensified in the United States. The retail information provider reported that out-of-stock (OOS) rates continue to climb nationwide, rose to 43% during the week ended May 08, 2022. This is up from the 30 to 40 percent readings in April.

“Unfortunately, baby formula out-of-stock levels have continued to soar since the beginning of April and we see no indication of a slowdown,” Ben Reich, CEO of Datasembly, told The Epoch Times. “Baby formula out-of-stock levels have reached 43% nationwide and continue demonstrating higher out-of-stock levels than other categories.”

Data as of May 01, 2022 show that nine states have OOS rates above 50%, including Tennessee (54.7%), Delaware (54.5%), Texas (52%), Montana (51%), and Nevada (51%). Jurisdictions with the lowest OOS rates were Colorado (26.3%), New Mexico (29%), and Indiana (29.7%).

Across the United States, multiple retailers including CVS, Kroger, Target, and Walgreens, have applied limits on purchases of infant formula.

Last month, CVS limited in-store and online purchases of baby formula to three per order. Kroger installed a limit of four products per customer. Target and Walgreens have maintained restrictions for several weeks.

Media reports suggest that some parents are responding to the shortages by producing their own, watering down current supplies, and rationing formula.

The FDA has discouraged parents from making formula at home due to “very serious health concerns” for babies.

“The potential problems associated with errors in selecting and combining the ingredients for the formula are very serious and range from severe nutritional imbalances to unsafe products that can harm infants,” the agency noted.

Health experts warn that too much water for infants under six months could trigger seizures and brain swelling and dilute the calories.

As of 2018, four companies control close to 90% of the market: Abbott, Reckitt Benckiser, Nestlé, and Perrigo.

Beginning of crisis

Earlier this year, Abbott Laboratories, a leading baby formula maker, recalled products sold under the Alimentum, EleCare, and Similac brands that were produced at a Michigan facility. Four children had become sick with bacterial infections, resulting in two deaths. This prompted public health authorities to encourage shoppers to avoid buying formulas tied to the plant, although Abbott doesn’t believe there is a link between these illnesses and its formulas.

In addition to Abbott’s recall, the baby formula shortage has been exacerbated by global supply chain snafus, the shifts in pandemic-related consumer patterns, and soaring price inflation worldwide.

At the beginning of the COVID-19 public health crisis, many parents hoarded containers of baby formula much in the same way consumers accumulated large amounts of toilet paper and paper towels.

In 2021, manufacturers noticed that demand had been sliding. They responded by curbing production. Today, infant formula demand is surging once again as shortage fears grow and breastfeeding rates fall.

According to the Centers for Disease Control and Prevention (CDC), only one-quarter of babies born in 2018 were breastfed exclusively in their first six months.

In recent years, the prevalence of breastmilk substitutes has been a source of controversy among public health experts.

“The promotion of commercial milk formulas should have been terminated decades ago,” said Dr. Francesco Branca, director of the WHO Nutrition and Food Safety Department, in a statement last month. “The fact that formula milk companies are now employing even more powerful and insidious marketing techniques to drive up their sales is inexcusable and must be stopped.”

The global formula milk industry is now worth US$55 billion.

Meanwhile, Abbott announced that it will work closely with the FDA to restart operations within two weeks. The company projects that it could take six to eight weeks to get its products back on store shelves.

Life and Death

The US government has been scrambling to resolve the issue. President Joe Biden met with infant formula manufacturers and retailers on May 12, 2022 to gather updates on intensifying shortages across the country.

Following the meeting, the president announced additional steps to address the issue to get more infant formula on store shelves faster, including reducing red tape and boosting supply through increased imports. In addition, he urged the Federal Trade Commission and state attorneys general to tighten down on any infant formula price gouging.

Earlier, more than 100 House Republicans urged the administration and the FDA in a letter to release data on the nationwide shortages and provide specific details on how they plan to address the issue.

“This issue is a matter of life and death, and it is time this administration treats it with the appropriate urgency it deserves,” the 106 Republican lawmakers wrote.

Rep. Elise Stefanik says this is an example of Biden’s “failed leadership,” adding that the FDA didn’t have a plan to figure out how to address the supply chain crisis aspect of baby formula manufacturing.

“But it even goes back earlier than that, as a result of just the labor shortage in this country, the lack of accessing basic materials that are part of the manufacturing process,” she told the host of NTD’s “Capitol Report,” Steve Lance. “But what’s really struck me is the sheer incompetence of Joe Biden and House Democrats and frankly, failure to address any aspect of this.”

FDA Commissioner Robert Califf said, “We are doing everything in our power to ensure there is adequate product available where and when they need it.”