"Corporations have price gouged consumers for extra profits—and gotten away with it—for too long," said Sen. Elizabeth Warren.Sen.
The summary notes that the bill would also"create a rebuttable presumption of price gouging against firms that exercise unfair leverage and companies that brag about increasing prices during periods of inflation" and require"public companies to transparently disclose and explain changes in their cost of goods sold, gross margins, and pricing strategies in their quarterly [Securities and Exchange Commission] filings.
"Corporations have price gouged consumers for extra profits—and gotten away with it—for too long," Warren wrote in a Twitter post on Thursday.in a statement that the measure would"shine a light on price hikes and help prevent big corporations from exploiting a period of inflation to gouge consumers with higher costs.
The legislation comes a day after federal data showed that while inflation eased slightly in April, consumer prices were up 8.3% last month compared to a year earlier., Josh Bivens of the Economic Policy Institute argued that"the rise in inflation has not been driven by anything that looks like an overheating labor market—instead it has been driven by higher corporate profit margins and supply-chain bottlenecks.
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