Biden to launch joint FTC-DOJ task force to crack down on 'unfair and illegal pricing'

[BumRushDaShow]

Source: CNBC

Published Tue, Mar 5 2024 5:00 AM EST


President Joe Biden on Tuesday will launch a new task force to take on “unfair and illegal” corporate pricing, which Biden sees as a major reason why consumers are not yet feeling the impact of cooling inflation rates and a strong economy.

The task force will be jointly led by the Federal Trade Commission and the Department of Justice, two agencies at the forefront of the Biden administration’s aggressive regulatory agenda over the past three years.

“We’re excited to be co-chairing the president’s new Strike Force on Unfair and Illegal Pricing, which builds on the FTC’s far-reaching work to promote competition and tackle unlawful business practices that are inflating costs for Americans,” FTC Chair Lina Khan told reporters on a call Monday. Assistant Attorney General for Antitrust Jonathan Kanter will co-chair the strike force along with 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 said on the call.

Read more: https://www.cnbc.com/2024/03/05/biden-to-launch-joint-ftc-doj-task-force-to-crack-down-on-unfair-and-illegal-pricing-.html

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Link to White House FACT SHEET - FACT SHEET: President Biden Announces New Actions to Lower Costs for Americans by Fighting Corporate Rip-Offs

[cstanleytech]

1. How do you define unfair and illegal pricing though? I mean honestly I just dont see a way that it can be done

for the most part without the Courts stepping in and saying NO to the government trying to.

[BumRushDaShow]

2. "How do you define unfair and illegal pricing though?"

A lot of it is spelled out in the (long) FACT SHEET linked in the OP comments!

Some interesting examples (outside of the many "junk fee" prohibitions) were these -

(snip)

Promoting competitive agricultural markets and ensuring fairness for farmers and ranchers.

Fair competition is key to making sure America’s food markets operate effectively and producers and consumers have robust choices and opportunity. Today, the Department of Agriculture (USDA) finalized a rule to protect the farmers and ranchers who produce meat and poultry by cracking down on processing companies’ deceptive contracts, banning retaliatory practices that prevent small producers from raising concerns or coming together in associations, and protecting certain producers from discrimination. USDA’s work across the agricultural supply chain helps support more competition, which can lower food prices.

(snip)

Prohibiting financial product comparison shopping tools from steering consumers to products based on kickbacks.

The CFPB issued a circular stating that companies that provide consumers with comparison shopping tools—say for a credit card, loan, or bank account—are prohibited from steering consumers to products or lenders because they are receiving a kickback. Individuals often use these sites thinking they are receiving unbiased comparisons; manipulated results makes it difficult for consumers to honestly evaluate products, and may result in choosing a less advantageous product.

(snip)

[cstanleytech]

3. That's all well and good but will it really have an impact that helps consumers? Unfortunately I doubt it.

[BumRushDaShow]

5. So then why bother trying every angle given Congress is grid-locked?

Is it better to just continue to do nothing and whine about it?

[cstanleytech]

6. I never said or meant that efforts should be abandoned.

[Quakerfriend]

4. I'd love to see Katie Porter involved in this-

assuming she loses her bid for senate.