The Price Gouging Prevention Act of 2024 would make it illegal for businesses to sell goods or services at "grossly excessive" prices, particularly during emergencies like natural disasters, power outages, or public health crises. The law targets large corporations with over $1 billion in annual revenue that have significant market power, though small businesses earning less than $100 million annually can raise a defense if price increases reflect only their own additional costs. The Federal Trade Commission and state attorneys general would enforce the law, with penalties reaching up to 5 percent of a company's annual revenue for violations. Additionally, the bill requires publicly traded companies to disclose detailed pricing information and cost breakdowns during emergency periods so investors can understand whether price increases reflect genuine supply chain costs or profit-taking. The legislation provides $1 billion in funding to the Federal Trade Commission through fiscal year 2032 to implement and enforce these provisions.
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