FOR IMMEDIATE RELEASE
February 17, 2022
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ICYMI: Senate Hearing Highlights How Corporate Greed Is Contributing to Inflation
WASHINGTON, D.C. — Today, the Senate Banking, Housing, and Urban Affairs Committee hosted a hearing on the state of the American economy. Democrats seized this opportunity to call out corporations for raising prices despite raking in record profits and, in doing so, knowingly contributing to inflation and economic hardship for working families.
Here are some highlights from committee members:
- Chairman Sherrod Brown: “In recent weeks, CEOs have bragged to Wall St. about their ability to increase prices on consumers. Let’s be clear, raising prices is a choice, is a decision that corporations make.”
- Senator Bob Menendez: “The company’s plan for the future is not to deliver relief to consumers, but to resume stock buybacks, ‘as soon as we get the excess cash flow.’ Clearly, the companies are using the guise of inflation to ratchet up their earnings.”
- Senator Raphael Warnock: “Everyday, we see headlines that large corporations and their wealthy investors have sought to take advantage of market volatility to pad their bottom line and enrich themselves while hard-working Americans are the ones making difficult decisions with their pocket books. They’re seeing record profits, consumers in Georgia are paying record prices.”
Tax March Campaign Director Sarah Baron gave the following statement in response to the hearing:
“Today’s hearing makes it abundantly clear that corporations are using inflation as an excuse to raise prices in order to line the pockets of wealthy executives and shareholders, which they’re admitting. Meanwhile, everyday Americans are forced to pay more for necessities like gas and groceries. Corporate greed is holding the American economy back, and Congress must take action to stop it. This reckless profiteering has to end.”
