Senator Tammy Duckworth sponsoring legislation targeting price gouging
Source: WSIL 3 ABC SOUTHERN ILLINOIS
(WSIL)- Inflation, we talk about it almost every day now, but while we're paying more for everything from gas to groceries some corporations are reaping record profits and they're not being quiet about it.
Dozens of CEO's have bragged about jacking up prices higher than just adjusting to inflation.
One being the CEO of a medical company who boasted in the company's quarter one 2022 earnings call that his team did a "amazing job" of driving higher prices.
"More than offset the amount of inflation, the team is very focused on looking at the amount of extra inflation that's coming in, they're already working on higher prices," said the CEO on ABC's podcast Start Here.
"We want to make sure that we're not leaving any pricing on the table and we want to take as much as we can but we also don't want to take so much pricing that we impair the performance of our brand," said Constellation Brands CEO Bill Newlands.
That's exactly why U.S. Senator Tammy Duckworth is sponsoring legislation targeting corporations who are price gouging, the bill would make it Illegal federally.
"It would look at any time there is an emergency that has international impact whether it's a hurricane or a war in Ukraine and it would look at the folks who are making excessive profits right? It's one thing to say hey the supply chain is disrupted so things are going to be a little bit more expensive but the problem is these companies are going above and beyond that. They're taking the opportunity to really make maximum profits. I mean for the oil companies three to five times more than they made at the same time last year is excessive and we need," said Senator Duckworth.
By: Brandon Merano
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