• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Biden to launch task force to crack down on ‘unfair and illegal pricing’ amid rising inflation
Editor's Pick

Biden to launch task force to crack down on ‘unfair and illegal pricing’ amid rising inflation

by March 7, 2024
by March 7, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

President Joe Biden on Tuesday will launch a new task force to take on “unfair and illegal” corporate pricing, which Biden sees as a major reason why consumers are not yet feeling the impact of cooling inflation rates and a strong economy.

The task force will be jointly led by the Federal Trade Commission and the Department of Justice, two agencies at the forefront of the Biden administration’s aggressive regulatory agenda over the past three years.

“We’re excited to be co-chairing the president’s new Strike Force on Unfair and Illegal Pricing, which builds on the FTC’s far-reaching work to promote competition and tackle unlawful business practices that are inflating costs for Americans,” FTC Chair Lina Khan told reporters on a call Monday.

Assistant Attorney General for Antitrust Jonathan Kanter will co-chair the strike force along with Khan.

“Here at the Justice Department, we are confronting some of the world’s most powerful corporations so that we can improve the lives of American families, Kanter said on the call.

Jonathan Kanter, the assistant attorney general for antitrust, in Washington on March 27, 2023.Al Drago / Bloomberg via Getty Images file

On Tuesday afternoon, Biden will convene the sixth formal meeting of the White House Competition Council, a group of top official throughout the administration who are tasked with rooting out anti-competitive practices across a wide range of industries.

“Over the last year supply chains have returned to normal and inflation has come down,” said National Economic Council Director Lael Brainard on the call. “Some corporations aren’t passing those savings on to consumers…President Biden is fed up with corporate practices that unfairly raise costs for consumers and he’s taking action.”

In advance of the council meeting, the Consumer Financial Protection Bureau will release a final rule to cut credit card late fees. The Agriculture Department will also release finalized protections for farmers against potentially discriminatory processing practices.

The announcements and the meeting are part of Biden’s ongoing crusade against corporate pricing practices that he claims are unfair. The White House believes they contribute directly to the public perception that the economy is doing poorly, despite data that objectively shows a strong U.S. economy.

“The competition council and its members have worked to bring down costs and everything from hearing aids to asthma inhalers to Epi pens to air travel, ” said Brainard.

White House National Economic Council Director Lael Brainard on Oct. 26.Anna Moneymaker / Getty Images file

Still, questions remain about precisely what actions regulators have the legal authority to take to address companies that exercise their pricing power more aggressively than others.

“There are dozens of statutes on the book across all of these agencies that can, in certain situations, be brought to bear where high prices are harming consumers,” a senior administration official said on the Monday call. “And it depends on how and when.”

Biden has pointed to what he says is “price gouging” and “shrinkflation” as two examples of corporate pricing strategies that keep profits high, even when wholesale and transportation costs drop.

But two months into the election year, the narrative of a strong economy may finally be taking hold with voters who have so far not given Biden credit for the economy’s soft landing. Instead, they have blamed him for the post-pandemic elevated cost of living.

Four new polls released over the weekend pointed to signs of growing economic optimism among respondents.

Nonetheless, the polls still showed Biden trailing his likely November opponent, twice-impeached former President Donald Trump, in a head-to-head hypothetical general election contest.

This post appeared first on NBC NEWS
You Might Also Like
  • A key to Biden’s lagging wind energy goal will set sail after the election
  • How In-N-Out Burger’s president runs her fast-food empire: Keep it simple, affordable and close
  • Walmart hikes its outlook again as shoppers spend more outside the grocery aisles
  • Microsoft confirms performance-based job cuts across departments
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Bitcoin prices hit all-time high, soaring to nearly $69,000
next post
Target launches paid membership program as it chases new revenue streams

You may also like

Oil prices hit three-month lows, head for weekly loss as...

May 25, 2024

Cava revenue beats estimates as Mediterranean chain reports double-digit same-store...

May 16, 2025

Mortgage rates are now at the highest level of the...

April 19, 2024

What You Need To Know About A Cloud Strategy Roadmap

December 6, 2022

Several Buy Buy Baby and Harmon stores to reopen after...

August 19, 2023

AI startups are snatching up San Francisco offices, using Zoom...

December 8, 2024

Dental supply stock surges on RFK’s anti-fluoride stance, activist involvement

November 19, 2024

UAW announces new strike locations as walkout enters second week

September 26, 2023

Silver lining for consumers: Food price growth has gone flat...

May 15, 2024

Chinese tea chain Chagee files for U.S. initial public offering

March 27, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Nike pushes back Skims launch with Kim Kardashian due to production delays

      June 19, 2025
    • The Fed Is Getting It Wrong AGAIN As They Hold Rates Steady

      June 19, 2025
    • DOJ seizes record $225 million in crypto tied to global ‘pig butchering’ scams

      June 19, 2025
    • Feeling Unsure About the Stock Market’s Next Move? These Charts Can Help

      June 18, 2025
    • Amazon expects to cut corporate jobs as it relies more on AI

      June 18, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,599 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,874 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,577 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,541 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,416 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,140)
    • Investing (538)
    • Stock (2,620)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Nike pushes back Skims launch with Kim Kardashian due to...

      June 19, 2025
    • The Fed Is Getting It Wrong AGAIN As They Hold...

      June 19, 2025
    • DOJ seizes record $225 million in crypto tied to global...

      June 19, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,140)
    • Investing (538)
    • Stock (2,620)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Pepsi sued by federal regulators for...

    January 17, 2025

    Capital One and Discover merger approved...

    April 19, 2025

    No more leftovers? Tupperware is warning...

    April 12, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here