Washington, D.C. — The American Economic Liberties Project today applauded New York Attorney General Tish James’ announcement of new rulemaking to crack down on price gouging and profiteering. The rulemaking comes as more evidence emerges showing that severe corporate concentration is driving inflation and higher costs for American families.

“All across the economy, dominant corporations are exploiting emergency conditions to hike prices, resulting in sky-high profit margins for C-suite executives while families’ budgets are stretched to the breaking point. Attorney General James is showing real courage in confronting the powerful corporate CEOs who are ripping off New Yorkers,” said Sarah Miller, Executive Director of the American Economic Liberties Project. “Although corporations that are profiteering and price gouging are engaging in illegal activity, they’ve been able to hide it and confuse people because of a lack of guidance from the government. By leading the effort to strengthen the law, New York is jumpstarting a nationwide campaign against shameless corporate profiteering, and bringing down prices for families everywhere.”

On Tuesday, in his first State of the Union address, President Biden called out price gouging and corporate profiteering, announcing “a crackdown on these companies overcharging American businesses and consumers.” His remarks followed a letter released just weeks prior from the American Economic Liberties Project and the Groundwork Collaborative that called on the White House to take immediate action.

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The American Economic Liberties Project works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. Economic Liberties believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.