promoearn: The Daily Money: FDA to allow sale of foreign baby formula in US

Tuesday, May 17, 2022

The Daily Money: FDA to allow sale of foreign baby formula in US

ALL THE MONEY NEWS YOU NEED TO KNOW

Tuesday, May 17

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Happy Tuesday, Daily Money readers. Jayme Deerwester back with you.

FDA to allow sale of foreign baby formula in US

The Food and Drug Administration on Monday announced two dramatic moves intended to ease the ongoing baby formula shortage.

The regulatory agency said it will permit the sale of imported baby formula, and allow domestic companies to distribute product intended for sale overseas. On Tuesday, Nestlé announced it would fly in Gerber formula from the Netherlands and Switzerland to help make up for the shortfall.

The FDA also said it will allow Abbott, a major formula producer, to reopen a Michigan production facility that was shut down earlier this year due to a recall.

Abbott confirmed that it has entered into a consent decree with the FDA, in which the agency and company agree on the benchmarks required to resume production and ensure the facility meets safety guidelines.

FDA officials said late Monday that if a court approves the agreement, the Michigan site could restart in two weeks.

"From the time Abbott restarts the site, it will take six to eight weeks before product is available on shelves," the company said in a statement.

The site would initially produce specialty metabolic formulas EleCare and Alimentum, followed by Similac and other formulas, food and drug officials said.

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New Target collection is a step to increase racial equity

Target's next limited-time collaboration is about more than clothes and accessories.

The upcoming launch of the Tabitha Brown for Target collection also is another step the retailer says it is taking to increase racial equity and the number of Black-owned brands, officials told USA TODAY.

"As we continue to champion a diverse and inclusive culture for all, it's important that we curate partnerships that reflect those values," Jill Sando, executive vice president and chief merchandising officer, told USA TODAY. "This collaboration was created with a focus on offering a thoughtfully curated assortment that spans several categories and meets our guests' wants and needs."

After George Floyd's 2020 murder sparked demands for more racial equity, many companies. including Target, made diversity pledges and said they were committed to putting more Black-owned brands on their shelves.

Last April, Target committed to spending more than $2 billion with Black-owned businesses and adding products from more than 500 Black-owned businesses to its inventory by the end of 2025. That included marketing agencies, construction companies, facilities maintenance providers and others.

Target said in a recent update that since it made that pledge, the company has increased investments with Black-owned brands, companies and suppliers by more than 50% compared with 2020 and more than doubled Black-owned brand product offerings.

🎧 Mood music 🎧

It may take another month or two, but it looks like the baby formula situation will finally improve – and well, it could hardly get worse. So today, I'm going to quote a Beatles classic.

"I've got to admit it's getting better (better). A little better all the time (it can't get no worse)."

LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify.

Baby formula powder is harder to find since Abbott Nutrition issued a recall in February 2022 for select lots of Similac, Alimentum and EleCare formulas that were manufactured at an Abbott facility in Sturgis, Mich.

FDA, Abbott agree on terms to reopen baby formula factory

Though the FDA and Abbott agree on terms for reopening a baby formula factory involved in a recall, it may be two months before product is on shelves.