President Joe Biden will launch a new task force on Tuesday. It aims to address “unfair and illegal” corporate pricing practices. Biden believes such practices significantly prevent consumers from experiencing the benefits of cooling inflation rates and a robust economy.
The task force will have joint Federal Trade Commission and Department of Justice leadership. These two agencies have been at the forefront of the Biden administration’s robust regulatory agenda for the past three years.
Assistant Attorney General for Antitrust Jonathan Kanter will co-chair the strike force alongside 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 stated during the call.
“On Tuesday afternoon, Biden will convene the sixth formal meeting of the White House Competition Council, a group of top officials throughout the administration tasked with rooting out anti-competitive practices across various industries,” stated National Economic Council Director Lael Brainard during the call.
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“Over the last year, supply chains have returned to normal and inflation has come down,” she continued. “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.”
Ahead of the council meeting, the Consumer Financial Protection Bureau will release a final rule aimed at reducing credit card late fees. Additionally, the Agriculture Department will unveil finalized protections for farmers to guard against potentially discriminatory processing practices.
These announcements and the meeting are part of Biden’s continued efforts against what he sees as unfair corporate pricing practices. Despite data indicating a robust U.S. economy, the White House contends that these practices directly influence public perception of the economy.
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“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.
The senior administration official emphasized that numerous statutes across various agencies can potentially address situations where high prices harm consumers. However, the specific actions regulators can take depend on the circumstances and timing.
Biden has highlighted “price gouging” and “shrinkflation” as examples of corporate pricing strategies that maintain high profits despite lower wholesale and transportation costs.
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Despite this, voters have largely attributed the post-pandemic cost of living to Biden rather than crediting him for the economy’s soft landing. However, recent polls indicate growing economic optimism among respondents.
Despite this optimism, Biden continues to trail his likely November opponent, former President Donald Trump, in head-to-head general election matchups.
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