September 7, 2022
Washington, D.C. — Fight Corporate Monopolies released the following statement applauding Rep. Katie Porter’s (D-Calif.) introduction today of the Competitive Prices Act, legislation that would prevent coordinated price hikes by corporations:
“Working families have to make tough financial choices every day while corporations cheat and thrive in a system that allows them to raise prices for the sole purpose of profiteering,” said Helen Brosnan, Executive Director of Fight Corporate Monopolies. “It’s great to see a champion in Rep. Porter taking on corporate power head on through legislative action — one that will hold monopolies like Big Oil and Big Pharma accountable for price gouging consumers on some of the most basic necessities they need in order to survive. If passed, this will be a major step by Congress to go after corporate crime and collusion to get whatever they can squeeze out of working people”
One of the most egregious examples of coordinated price hikes are between insulin manufacturers Sanofi and Novo Nordisk between 2009 and 2016 — making this life-saving drug further out of reach for diabetic patients. The legislation is a similar approach to American Economic Liberties Project’s model legislation they introduced earlier this year, with the support of Center for Economic and Policy Research (CEPR), Demand Progress, Economic Policy Institute, Food and Water Watch, Groundwork Collaborative, Indivisible, Liberation in a Generation, Revolving Door Project, and Small Business Majority.