WASHINGTON, DC – Pennsylvania U.S. Senator John Fetterman this week joined Senator Bob Casey (D-PA) and seven additional Senate colleagues to introduce the Price Gouging Prevention Act of 2024. The bill, led by Senator Elizabeth Warren (D-MA), would prohibit corporate price gouging by empowering the Federal Trade Commission (FTC) and state attorneys general to prohibit the sellers from charging grossly excessive prices.
“For too long, corporations have gotten away with jacking up prices to line their shareholders’ pockets with the hard-earned dollars of working Americans,” said Senator Fetterman. “This bill will put an end to that. The Biden Administration has done a great job at reducing costs and bringing down inflation—including the cost to fill up your gas tank. But corporate price gouging means that American families are still paying too much for basic needs like groceries. When I ran for this seat, I committed to doing everything I could to take on rampant corporate price gouging that hurts working Pennsylvanians — I’m proud to cosponsor this bill that does just that.”
The legislation will also require public companies to both disclose changes in their pricing and explain the rationale for price changes in their Securities and Exchange Commission (SEC) filings during period of “exceptional market shock.” The bill also includes provisions to protect small and local businesses who raise prices in good faith.
Since the coronavirus pandemic, the Biden Administration has worked to bring down inflation and reduce costs for working families. By the end of last year, inflation was down significantly from its peak and gas was below $3 a gallon in many states. But costs remain high for some basic necessities like groceries – thanks, in part, to big corporations gouging consumers.
The bill was also introduced in the House, led by Representative Jan Schakowsky (IL-09).