Biden to form ‘strike force’ to go after price-gouging
by Taylor Giorno - 03/05/24 5:00 AM ETPresident Biden will announce Tuesday the formation of a “strike force” to hold companies accountable for price-gouging practices.
The announcement comes days before the State of the Union, where Biden is expected to make his economic pitch to Congress and voters ahead of the pivotal 2024 election.
The strike force, which will be co-chaired by the Department of Justice and the Federal Trade Commission (FTC), aims to coordinate the Biden administration’s efforts to rein in anti-competitive and unfair practices and lower prices in key sectors including food, prescription drugs and transportation.
“Even as prices have come down on important items like a gallon of milk and a dozen eggs, some corporations aren’t passing those savings on to consumers,” National Economic Advisor Lael Brainard told reporters. “Instead, some corporations are tacking on extra fees, hiding costs and sometimes even breaking the law.”
Republicans have pushed back on the narrative that corporate profiteering is driving inflation, which topped 9 percent in summer 2022 and has steadily fallen to around 3 percent in recent months, contending government spending is actually the culprit. The U.S. is one of many countries to suffer from high inflation in the wake of the COVID-19 pandemic.
Brainard called on congressional Republicans to “join this effort instead of standing in the way.”
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https://thehill.com/business/4507871-biden-strike-force-price-gouging-junk-fees-inflation/more
