Freedom from Price Gouging Act

Freedom from Price Gouging Act

This bill requires drug manufacturers to issue rebates to the Centers for Medicare & Medicaid Services for covered drugs under Medicare that cost $100 or more and for which the average manufacturer price increases faster than inflation.

Bill 117 HR 2706, also known as the Freedom from Price Gouging Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to protect consumers from unfair pricing practices during times of crisis or emergency situations.

The bill defines price gouging as the act of charging excessive prices for goods or services that are essential for the health, safety, or welfare of consumers during a declared state of emergency. This includes items such as food, water, medical supplies, and fuel.

Under the Freedom from Price Gouging Act, it would be illegal for businesses to engage in price gouging during a state of emergency. The bill sets penalties for violators, including fines and potential imprisonment for repeat offenders. Additionally, the bill includes provisions for the enforcement of these regulations, including empowering state attorneys general to investigate and prosecute cases of price gouging. It also allows for consumers to file complaints and seek restitution if they believe they have been victims of price gouging. Overall, the Freedom from Price Gouging Act aims to protect consumers from exploitation during times of crisis and ensure that essential goods and services remain affordable and accessible to all.