President Joe Biden has announced that he will launch a task force to address “unfair and illegal pricing” as part of his administration’s efforts to combat the rising inflation affecting the US economy.
The task force, dubbed the “White House Competition Council”, will focus on working across departments to identify potential anti-competitive behavior which is exacerbating inflation and taking action against companies that unlawfully drive up prices for consumers.
President Biden’s plan comes in response to reports of increasing consumer prices in a variety of sectors including food, gasoline, housing, and cars. This in turn has sparked concerns about inflation and its potential impact on the economic recovery from the Covid-19 pandemic.
While the Federal Reserve has reassured that the current inflation spike is likely to be temporary, the Biden administration is making moves to address the issue, showing that it takes the threat seriously and is prepared to use government intervention to protect consumers where necessary.
It remains to be seen what effect the task force may have on price increases and whether it will be able to successfully combat the impacts of rising inflation on consumers.
Biden to launch task force to crack down on ‘unfair and illegal pricing’ amid rising inflation
President Joe Biden has announced that he will launch a task force to address “unfair and illegal pricing” as part of his administration’s efforts to combat the rising inflation affecting the US economy.
The task force, dubbed the “White House Competition Council”, will focus on working across departments to identify potential anti-competitive behavior which is exacerbating inflation and taking action against companies that unlawfully drive up prices for consumers.
President Biden’s plan comes in response to reports of increasing consumer prices in a variety of sectors including food, gasoline, housing, and cars. This in turn has sparked concerns about inflation and its potential impact on the economic recovery from the Covid-19 pandemic.
While the Federal Reserve has reassured that the current inflation spike is likely to be temporary, the Biden administration is making moves to address the issue, showing that it takes the threat seriously and is prepared to use government intervention to protect consumers where necessary.
It remains to be seen what effect the task force may have on price increases and whether it will be able to successfully combat the impacts of rising inflation on consumers.
