President Joe Biden is launching a new task force to tackle what he calls "unfair and illegal" pricing by big corporations, according to CNBC. The reason behind the new task force is to help American families access goods as he believes higher pricing prevents them from benefiting from lower inflation and a strong economy.
The task force, led jointly by the Federal Trade Commission (FTC) and the Department of Justice (DOJ), aims to address anti-competitive practices across various industries. FTC Chair Lina Khan and Assistant Attorney General for Antitrust Jonathan Kanter will co-chair the strike force.
"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," said FTC Chair Lina Khan.
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To help American families further, the FTC-DOJ task force is only the first step. Biden will also host the sixth formal White House Competition Council meeting, a group working to identify and eliminate unfair business practices.
As reported by VCPost, the Biden administration is pushing efforts to address their concern that despite improvements in supply chains and inflation, some companies are not passing savings on to consumers.
To address this, the Consumer Financial Protection Bureau will release a rule reducing credit card late fees, while the Agriculture Department will protect farmers from discriminatory processing practices.
While Biden aims to combat unfair corporate pricing, questions remain about regulators' legal authority in addressing aggressive pricing strategies. Despite efforts to improve the economy, Biden still faces criticism, with some blaming him for the high cost of living post-pandemic.
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