Washington, D.C. — The American Economic Liberties Project released the following statement in response to the introduction of the Ending Corporate Greed Act. The bill is sponsored by Senator Bernie Sanders and Senator Ed Markey and will be introduced by Rep. Jamaal Bowman in the House of Representatives.

“The Ending Corporate Greed Act is a key part of controlling price hikes and ensuring that the burdens of inflation are shared,” said Erik Peinert, Research Manager and Editor at the American Economic Liberties Project. “Congress needs to take corporate profiteering seriously. While many families and small businesses are struggling to afford seemingly ever-rising prices, large corporations are reporting some of their biggest profit margins in 70 years. This legislation tackles the problem by lowering corporate incentives to price-gouge at the expense of working families.”

What You Need To Know About Inflation

Pandemic Profiteering is Widespread

A macroanalysis by Economic Liberties’ Matt Stoller found that corporate profits are driving roughly 60% of price-hikes, costing everyday Americans an additional $2,126.

American Families are Struggling

A Gallup survey found that 45% of responding households reported being hurt by price increases, with 1 in 10 saying they were severe enough to impact their standing of living.

Corporate Concentration is at the Root of Inflation

As President Biden has acknowledged, large corporations are using real economic challenges as cover to massively boost their profits, while forcing families to pay more.

CEOs of firms like Procter & Gamble, Blackstone Mortgage Trust, Disney, GSK, PepsiCo, and Unilever are boasting about their incredible pricing power, noting that it is “driving [their] bullishness” and that there exists little “in the way of elasticity.” Similar celebrations of consumer price-gouging have occurred regularly for months. Meanwhile, these corporations are reporting some of the biggest profits margins in 70 years.

Learn more about Economic Liberties here.

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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.