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| June 24, 2008 |
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Wexler Supports Federal Price Gouging Prevention Act
Legislation uses investigation and punishment by Federal Trade Commission to prevent articial increases in gas prices
With the country in an economically difficult situation and gas prices reaching all time highs, a bill came to the floor yesterday that would prevent gas price gouging. Unfortunately, H.R. 6346, the Federal Price Gouging Prevention Act, was unable to garner up enough votes for passage. The bill, which would have used investigation and punishment by the Federal Trade Commission to prevent artificial increases in price, failed by a vote of 276 to 146.
As the summer driving season proceeds, families and businesses will continue to pay an increasing national average of $4.07 a gallon for regular gasoline, which is nearing the record high and more than double the cost when President Bush took office. With these prices increasing, the potential for price gouging becomes an even more real possibility. This legislation would have given the Department of Justice the ability to impose criminal penalties of up to $150 million on corporations and $2 million and a jail sentence of up to 10 years on individuals. The Federal Trade Commission would also be given the ability to determine whether the prices were exorbitantly higher than they should be given the market conditions.
Congressman Wexler strongly supports measures being taken to prevent price gouging techniques and will continue to follow the issue as it reaches the House floor in the future. Regardless of its failure in the House, the Democratic leadership intends to reintroduce a similar piece of legislation in the future. Along with H.R. 1252, a similar price gouging bill, having passed in the House earlier in this 110th Congress with bipartisan support, Congressman Wexler hopes that another compromise can be made in order to adequately protect the American consumers.
Access the full text of H.R. 6346, or read more about Congressman Wexler's position on American energy independence.
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