Price Gouging Prevention Act: Protecting Consumers During Crises
This act aims to protect citizens from unfair price increases on essential goods and services during crises like natural disasters or sudden shortages. It introduces penalties for companies that artificially inflate prices and expands the Federal Trade Commission's power to intervene. This should help keep prices more stable during difficult times, protecting household budgets.
Key points
Price Gouging Ban: Selling goods or services at a grossly excessive price becomes illegal, regardless of the company's position in the supply chain.
Crisis Protection: The rules are especially active during "exceptional market shocks" (e.g., natural disasters, energy shortages) to prevent speculation.
Increased FTC Powers: The Federal Trade Commission (FTC) gains new tools to prosecute companies engaging in price gouging, including the ability to impose financial penalties and seek compensation for affected consumers.
Disclosure Requirements for Large Companies: Large publicly traded companies will have to disclose detailed information about changes in prices, costs, and margins during crisis periods, increasing transparency.
State Attorney General Cooperation: State attorneys general will also be able to sue companies for price gouging, expanding the scope of enforcement.
Introduced
Citizen Poll