Bowman Unveils Bill to Allow Biden to Identify Profiteering and Regulate Prices

In the midst of soaring inflation, Record profits for corporatesProgressive Rep. Jamaal Bamman (D–New York) presented a bill Thursday to combat rising expenses, ranging from housing and gas.

The Emergency Price Stabilization Act wouldCreate a sub-task team within the White House that would monitor price increases and corporate profiteering. This group could possibly make recommendations to President Obama to moderate or regulate prices in food and energy, housing, and transportation. The group would have subpoena power over corporations’ financial records in order to determine if companies are raising prices for profit or out of necessity.

“From impossible rents and utility bills to soaring costs for food, health care, and other necessities of life, people in America are being crushed by the burden of high prices and wages that can’t keep pace,” Bowman said in a statement. “We cannot simply step back and allow the Federal Reserve, which hiked interest rates again last week, to address inflation on the backs of everyday people. That approach means throwing people out of work and risking a recession.”

Indeed, even though experts and analysts are constantly improving, point out that high corporate profit margins are a large driving force behind this year’s high inflation, Republicans and CorporationsHave obscured the truthFalsely claiming that inflation is due Democratic spending wage raises. Thought polling finds that most Americans acknowledge corporations’ role in high prices, corporate media and politicians’ obfuscation of the causes of inflation are likely suppressing efforts to control corporate profits.

Consumers are now being squeezed every penny they can, as inflation continues to rise. Rent rose a recordLast year, 11.3 percent food prices rose10.4 percent in 12 months, ending June gas pricesIn June, they were almost 50 percent higher than the previous year.

In the meantime, corporations are bragging about their record marginsCelebrate inflation and a volatile economic environment as opportunities to increase prices. According to the Economic Policy Institute over halfPrice increases since the second quarter 2020 can be attributed to higher corporate profit margins.

Bowman recently told The American Prospect that the bill isn’t about setting price controls across all sectors, but rather taking a more critical and regulated approach against inflation with a “new economic playbook,” and examining inflation’s true causes, “giving the American people a look at corporate books.” The efforts would be akin toAmerican efforts to control inflation during World War II and protect the economy were made.

The bill has been well received the support ofA number of economists and progressive advocates believe that the proposal would be a significant step towards creating an economy that places more emphasis on protecting consumers.

“In these times of overlapping emergencies, we need a new policy toolkit for monetary stabilization. The Emergency Price Stabilization Act of 2022 presents a critical step in this direction,” said Isabella Weber, University of Massachusetts, Amherst, economics professor. “If prices of essentials can be stabilized, this preserves purchasing power and enables investment and growth, instead of reverting to austerity.”

Sixteen House Democrats, including progressive heavy hitters such as Representatives Alexandria Ocasio-Cortez of New York, Cori bush (Missouri), and AyannaPressley (Massachusetts), have cosponsored this bill. The bill has been supported by a wide range of progressive organizations and labor unions.