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ICYMI: House Hearing Proves We Must Crack Down On Corporate Greed

February 2, 2022

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ICYMI: House Hearing Proves We Must Crack Down On Corporate Greed

WASHINGTON, D.C. Today, the House Energy & Commerce Subcommittee on Consumer Protection and Commerce hosted a hearing on “Pandemic Profiteers: Legislation to Stop Corporate Price Gouging.” Democrats seized this opportunity to hold corporate price gougers accountable in their remarks, and vowed to pass strong legislation to seek civil penalties from those price gouging during the COVID-19 pandemic. 

Here are some highlights from committee leadership: 

  • Chairwoman Jan Schakowsky: “Throughout the pandemic health emergency, we have seen billionaire wealth and corporate greed take advantage of peoples’ fears and uncertainties and needs.”

  • Chairman Frank Pallone: “A lot of executives recently boasted about raising prices on consumers without consequences, and these executives are saying we’re going to continue to do so.”

Dr. Rakeen Mabud, Chief Economist and Managing Director of Policy and Research at Groundwork Collaborative, gave the following testimony:

“Simply put, this is corporate greed. These companies have enormous market power. The companies are selling products that people need and they know that. When you have essential goods, consumers are not responsive to price increases because the goods are essential. These CEOs and shareholders are just raking it in while consumers are paying more at the checkout line.” 

Tax March Campaign Director Sarah Baron gave the following statement in response to the hearing: 

“Today’s hearing shines a spotlight on the reckless corporate price gouging that has been affecting Americans for years. By raising the price of essentials like gas and groceries during times of economic uncertainty, corporations are taking advantage of already-struggling American families under the guise of inflation. The cost of corporate greed has never been higher, and Congress must take swift and decisive action to crack down on such irresponsible business practices.”

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