Summary of Bill S 355
Bill 118 s 355, also known as the Federal Price Gouging Prevention Act, is a piece of legislation introduced in the US Congress aimed at preventing price gouging during times of national emergency. The bill seeks to protect consumers from unfair and excessive price increases on essential goods and services, such as food, water, fuel, and medical supplies.
Under the Federal Price Gouging Prevention Act, it would be illegal for businesses to significantly increase prices during a declared national emergency, such as a natural disaster or public health crisis. The bill defines price gouging as any price increase that is grossly in excess of what is considered reasonable and customary.
The legislation also establishes penalties for businesses found guilty of price gouging, including fines and potential criminal charges. Additionally, the bill empowers the Federal Trade Commission to investigate and enforce violations of the law.
Supporters of the Federal Price Gouging Prevention Act argue that it is necessary to protect consumers from exploitation during times of crisis, ensuring that essential goods remain affordable and accessible to all. Critics, however, raise concerns about potential unintended consequences, such as supply shortages and market distortions.
Overall, the Federal Price Gouging Prevention Act represents an effort by Congress to address the issue of price gouging and protect consumers from unfair practices during emergencies. The bill is currently under consideration in Congress, where it will be debated and potentially amended before a final vote.
Congressional Summary of S 355
Federal Price Gouging Prevention Act
This bill prohibits any person from selling, during a proclaimed domestic or international crisis affecting the oil markets, gasoline at a price that (1) is unconscionably excessive, and (2) indicates that the seller is taking unfair advantage of the crisis to increase prices unreasonably. The President may issue a proclamation of such a crisis that specifies the geographic area covered and how long the proclamation applies.
The bill provides for enforcement by the Federal Trade Commission and imposes enhanced civil penalties and criminal fines. It also authorizes state attorneys general to bring a civil action to enforce the prohibitions of this bill.