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CNBC
17-07-2025
- Business
- CNBC
Sen. Elizabeth Warren targets price gouging in new bill as tariff costs, inflation increase
With expectations that prices will rise throughout the economy over the summer as more tariffs stack up, a group of legislators on Capitol Hill highlighted by Senator Elizabeth Warren (D-MA) is introducing a bill to target price gouging by the market's biggest companies. The Price Gouging Bill of 2025 — introduced on Thursday by Warren along with Senator Jan Schakowsky (D-IL), Senator Tammy Baldwin (D-WI ), and Rep. Chris Deluzio (D-PA) — would make price gouging illegal and give the Federal Trade Commission and state attorneys general the power to litigate alleged abuses of market power. The proposed legislation comes just days after the June consumer price index showed a resurgence of inflation and as the tariffs toll continues to grow. Warren says that in the past big corporations have taken advantage of market shocks, hiding behind factors like inflation and supply chain disruptions to raise prices excessively, but this time the culprit is President Trump's global trade war. "Donald Trump's reckless tariff policies are giving companies cover to squeeze families and raise prices more than necessary. My bill is an opportunity for Congress to stand up for families by cracking down on price gouging and fighting back against corporate abuse," Warren said in a statement. The text of the bill, as seen by CNBC, lists "abrupt trade policies" and "exceptional market shock" as factors to be considered in analysis of price increases. A version of the bill introduced last year, The Price Gouging Prevention Act of 2024, did not specify trade policies. That legislation, sponsored by Warren along with former Senator Bob Casey (D-PA) was introduced in February 2024, but failed to pass. Senator Casey lost his Senate seat in the 2024 election to Republican David McCormick. The price gouging bill would require companies with over $100 million in revenue to publicly report in Securities and Exchange Commission filings on any changes in pricing that exceed the average price in the past 120 days before the reporting period, and provide details on product costs and margins. Businesses with less than $100 million in revenue would be protected from price gouging litigation if they show legitimate cost increases. The bill would allocate an additional $1 billion in funding to the Federal Trade Commission to enforce the price gouging law. "The biggest corporations in our country jack up the cost of everyday household items, take in record profits, and give their executives huge bonuses – all on the backs of hard-working Wisconsin families," said Senator Baldwin in a statement. "Donald Trump claimed he would lower prices – so far, he has done just the opposite and is even opening the door to more price gouging. ... Our bill will finally crack down on corporate greed and help stop those big companies at the top of the food chain from sticking families with exorbitant costs," she stated. In second-quarter earnings calls, companies from Costco to Best Buy and Newell Brands cited tariffs as a reason for price increases. Rep. Deluzio said price increases are a result of "out-of-control" corporate power. "Prices are still too high, and inflation is still pounding folks," Deluzio said in a statement. "Especially now, we need to rein in monopolists and other huge corporations with the power to price-gouge the American people," he added. The AFL-CIO and United Steelworkers both voice support for the bill and tell CNBC the bill is long overdue. The price gouging policy has been criticized on both the right and left in recent history. During Kamala Harris's run for the presidency, Obama economic advisor Jason Furman told the New York Times that a plan to ban grocery story "price gouging" was not sound economics. "This is not sensible policy, and I think the biggest hope is that it ends up being a lot of rhetoric and no reality," he told the Times. "There's no upside here, and there is some downside." During a heated CNBC interview in August 2024 about the same Harris plan, Warren said three dozen states including Florida and Texas already have price gouging laws and have used them effectively. "Pricing gouging laws are not price controls. Price gouging laws are there to say sometimes that markets goes off the rails and when they do we need some ways to get them back on the rails. We need some curbs on that behavior," Warren said during a "Squawk Box" interview. The issue has been a long-time focus for Warren, who along with former Senator Casey sent a letter to Kroger CEO Rodney McMullen questioning the grocer's rollout of electronic shelf labels, arguing the technology could make it easier to increase prices of high-demand items. In separate price gouging accusation last November, Warren, along with Rep. Adam Schiff, D-Calif., sent a letter to the Federal Trade Commission and the Department of Agriculture on Sunday, calling on the agencies to investigate Albertsons and its subsidiaries Safeway and Vons for mislabeling items sold by weight, including produce, meat and baked goods and unlawfully charging customers prices higher than their lowest advertised or posted price. A month before, Safeway, Albertsons, and Von paid nearly $4 million to resolve allegations of price-gouging and false weight advertising in California. Co-sponsors of the new bill include Senators Richard Blumenthal (D-Conn.), John Fetterman (D-Pa.), Andy Kim (D-N.J.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Bernie Sanders (I-Vt.), Elissa Slotkin (D-Mich.), and Sheldon Whitehouse (D-R.I.). In the House, sponsors include Representatives Angie Craig (D-Minn.), Maggie Goodlander (D-N.H.), Hank Johnson (D-Ga.), Ro Khanna (D-Calif.), Eleanor Holmes Norton (D-D.C.), Jerry Nadler (D-NY), Mary Gay Scanlon (D-Pa.), Rashida Tlaib (D-Mich.), and Paul Tonko (D-N.).
Mint
22-06-2025
- Politics
- Mint
US strikes on Iran's nuclear sites: Who backed, who condemned, and who raised concerns? Full list
The United States' overnight airstrikes on Iran's nuclear facilities — including the heavily fortified Fordow site — have triggered a wave of global political reaction, marking a sharp escalation in Middle East tensions. While the Biden administration hailed the strikes as a targeted blow against Iran's nuclear ambitions, reactions from lawmakers and world leaders have ranged from full-throated support to strong condemnation and deep concern. From Washington to Tehran, and Tel Aviv to Brussels, the world is now watching how this volatile moment could reshape geopolitics and possibly push the region closer to wider conflict. Israel: Israeli Prime Minister Benjamin Netanyahu praised President Trump's decision, calling it a "pivot of history." 'President Trump acted to deny the world's most dangerous regime the world's most dangerous weapons,' Netanyahu said. 'In Operation Rising Lion, Israel has done truly amazing things, but in tonight's action against Iran's nuclear facilities, America has been truly unsurpassed.' Signs reading "Thank you, Mr President" appeared in Tel Aviv, reflecting public support. Republican leaders in the US: Several Republican lawmakers strongly backed the strikes. 'This was the right call. The regime deserves it. Well done,' said Sen. Lindsey Graham (R-SC). 'We have the best Air Force in the world. Fly, Fight, Win.' Rep. Mike Lawler (R-NY) compared the decision to President Obama's military actions in Libya and Yemen. Sen. John Fetterman (D-PA): 'Iran is the world's leading sponsor of terrorism and cannot have nuclear capabilities.' Vice President JD Vance: "We are not at war with Iran. We're at war with Iran's nuclear program." "Ukraine is convinced that Iran's nuclear programme must be stopped..." the foreign ministry stated. Progressive Democrats and Independents: 'The President's disastrous decision to bomb Iran without authorisation is a grave violation of the Constitution,' said Rep. Alexandria Ocasio-Cortez (D-NY). "It is absolutely and clearly grounds for impeachment." Sen. Bernie Sanders (I-VT) echoed her concerns: 'The only entity that can take this country to war is the US Congress. The president does not have the right.' Rep. Thomas Massie (R-KY) called the strikes "not constitutional." Rep. Marjorie Taylor Greene (R-GA): Though a Trump ally, she urged for peace: 'Let us join together and pray for the safety of our U.S. troops and Americans in the Middle East.' Iran: Tehran condemned the strikes as "criminal aggression." "The Islamic Republic of Iran is resolved to defend Iran's territory... by all force and means." Iranian Foreign Minister Abbas Araghchi called Trump a "lawless bully" and said he had betrayed his own voters. 'Grossly violates international law,' said the Foreign Ministry, condemning damage to Iran's nuclear infrastructure. China's foreign ministry "strongly condemns" the strikes, saying they "seriously violate" the UN charter. UK Prime Minister Keir Starmer stopped short of endorsing the strikes. "Iran cannot be allowed to have a nuclear weapon... We must now de-escalate the situation." Foreign Secretary David Lammy reiterated: 'The UK did not participate in these strikes. We urge Iran to show restraint.' European Union: EU foreign policy chief Kaja Kallas said: "Iran must not be allowed to develop a nuclear weapon... I urge all sides to step back." France President Emmanuel Macron called Iranian President Pezeshkian to urge restraint: "This is the only path to peace and security for all." UN Secretary-General Antonio Guterres said he was "gravely alarmed." 'There is a growing risk this conflict could rapidly get out of control.' Saudi Arabia called for "diplomatic solutions" and warned of "highly sensitive circumstances." Canada PM Mark Carney said the region remains "highly volatile" despite the intent to neutralise nuclear threats.
Yahoo
13-05-2025
- Politics
- Yahoo
‘Big beautiful bill' or ‘tax cuts for billionaires'? House dives into Trump's budget plan
Key House committees will comb through President Trump's budget plan today. Rep. Brendan Boyle (D-PA), ranking member of the House budget committee, joins Chris Jansing to react to the proposed spending cuts on government programs such as Medicaid.
Yahoo
12-05-2025
- Business
- Yahoo
Dave McCormick defending John Fetterman amid health concerns
(WHT) — Democratic Senators and former aides of Senator John Fetterman (D-PA) have raised questions over Fetterman's health and well-being in recent weeks. A report from the Associated Press citing sources says Fetterman was repeating himself and pounding on a table. This came following a report from New York Magazine that he is behaving erratically and not staying on top of his health. U.S. Senator Dave McCormick is a strong advocate for President Donald Trump, which is not a surprise since they're both Republicans. McCormick is also a staunch defender of Fetterman amid the unflattering reports regarding his health. 'I thought the attacks on him were so vicious, so unfounded, and sort of came out of nowhere,' McCormick told Dennis Owens. 'I think largely because he hasn't been voting in lockstep with his party.' McCormick suspects politics is behind stories from former Fetterman staffers alleging erratic behavior and questioning his fitness to serve. McCormick doesn't see it. '[He is] completely coherent, and on top of the issues,' said McCormick. 'He's a good partner, and we're trying to find ways to work together in Pennsylvania.' Not a good partner, McCormick says, is China. As an undersecretary for George W. Bush, McCormick praised the Chinese. He now supports President Trump's tariffs, hoping they bring about fairer trade. An about-face? 'The other thing that's changed is that in the last 20 years, China has shown itself to be a bad actor,' said McCormick. 'They've stolen our intellectual property, they've had unfair trading agreements, so I think our notion of treating China as the adversary is the right strategy.' Debts and deficits in this country are also adversaries, $36 trillion in debt and counting. 'You know, both parties are guilty,' said McCormick. Brett Loper of the Peter G. Peterson Foundation says the real fix will involve tax cuts smaller than Republicans want, and benefit cuts larger than Democrats prefer. 'It's going to take both parties deciding they're willing to take a little bit of political risk on things that they find perhaps sacrosanct,' said Loper. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Like many Republicans, McCormick says he won't support cuts to Medicaid with a caveat. 'If those benefits are going to vulnerable single mothers or children, you will see me being a strong advocate for not cutting those, but if those benefits are going to working-age men who choose not to take jobs, then those are where we shouldn't have the benefits, and that's the challenge,' said McCormick. A challenge that, for decades, Congress has failed to solve. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
09-05-2025
- Politics
- Yahoo
Sen. McCormick comes to Sen. Fetterman's defense, calling out ‘vicious, personal attacks'
(WHTM)– Senator Dave McCormick (R-PA) showed support for fellow Senator John Fetterman (D-PA) on X Friday, amid questions being raised regarding Fetterman's well-being. Reports surrounding Fetterman's mental health have been circulating after multiple media outlets published pieces regarding his mental health. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now McCormick came to Fetterman's defense on X, calling the recent reports concerning Fetterman's mental health 'vicious, personal attacks.' It's time to put politics aside and stop these vicious, personal attacks against Senator Fetterman, his wife, and his health. While we have many differences, we are both committed to working together to achieve results for the people of Pennsylvania and make their lives better. He is authentic, decent, principled, and a fighter. These disgraceful smears against him are not the John that I know and respect. Sen. Dave McCormick via X The Associated Press reported that Fetterman had an 'outburst' during a meeting with Teachers' Union officials last week after an attendee of the meeting reported that Fetterman began repeating himself, shouting 'why does everybody hate me, what did I ever do,' and slamming his hands on a desk. The New York Magazine also published a report stating that former staff and political advisors to Fetterman voiced concerns regarding his mental health. The Democratic Senator has been open about his struggles with his mental health in the past, and he was hospitalized for treatment of clinical depression in 2023. The FreeStore, opened by Senator John Fetterman's wife, Gisele, to distribute free clothing and food in Braddock, was also vandalized in early April. Sen. Fetterman posted a photo on social media of a banner placed in the store, which called the two 'Genocide John' and 'Genocide Gisele.' Fetterman has said he believes he's still fit to serve in the Senate, a term that runs through 2028. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
