Biden To Corporations: Stop Price Gouging

Biden used the council meeting to announce 30 actions to improve access to medicine and needed economic data as well as other programmes tied to the production and shipment of goods.

He said he was tackling "junk fees", hidden charges that companies sneak into bills just because they can and customers have no alternative.
The council follows an earlier task force that was meant to address the supply chain problems that partially fuelled higher inflation in 2021 as the United States recovered from the coronavirus pandemic.

Inflation remains a sore point for Biden's approval ratings ahead of next year's presidential election. After the annualised increase in the consumer price index peaked at 9.1 per cent in June 2022, inflation has eased to a moderate 3.2 per cent. The slowdown has not so far improved US adults' feelings about the economy.

Biden said GOP policies would leave supply chains vulnerable, claiming that Republicans want to cut investments he has made in infrastructure and advanced manufacturing. The president also said companies that are taking advantage of inflation to boost profits are "price gouging".

Among the 30 new actions, Biden will use the Defence Production Act to have the Health and Human Services Department invest in the domestic manufacturing of needed medicines that are deemed crucial for national security. The Cabinet agency has identified $35 million to invest in the production of materials for injectable medicines.

The federal government will also improve its ability to monitor supply chains through the sharing of data among agencies. The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. Shipping companies are beginning to use new data resources from the Transportation Department on freight logistics.

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