During her recent economic speech, Senator Bob Casey’s Price Gouging Prevention Act gained strong support from Vice President Kamala Harris, as she endorsed the bill to crack down on excessive price increases. The legislation aims to protect American families from corporate greedflation by creating a new federal ban on grossly excessive price increases and authorizing the Federal Trade Commission (FTC) and state attorneys to enforce the ban.
Since the fall of 2023, Senator Casey has been actively investigating corporate price gouging and other actions by big corporations that have squeezed the budgets of American families. His efforts have resulted in the production of four detailed reports, shedding light on the impact of corporate greed on middle-class families and the economy.
“Families are sick and tired of being squeezed by giant corporations that are jacking up their prices and raking in record profits. I call it greedflation, and I’m fighting back. This critical legislation will crack down on big corporations and finally prohibit price gouging,” said Senator Casey, emphasizing the necessity of holding corporations accountable for their actions.
The Price Gouging Prevention Act aims to combat corporations that take advantage of American families and prey on consumers through greedflation. It mirrors a similar Pennsylvania law against “unconscionably excessive” price gouging, which is not yet banned at the national level.
Senator Casey’s investigation into shrinkflation and actions against corporations such as Target, Walmart, Amazon, Kroger Supermarket, and Wendy’s highlight his commitment to protecting American families from deceptive pricing practices.
The Price Gouging Prevention Act and the Shrinkflation Prevention Act, introduced by Senator Casey, would empower the Federal Trade Commission and state attorneys general to crack down on corporations engaging in such practices.