Statement on the Biden Administration’s Addressing Excessive Corporate Profit Taking
FOR IMMEDIATE RELEASE: October 11, 2023
CONTACT: Ashley Woolheater, woolheater@openmarketsinstitute.org
"Trickery and fraud have no place in the American economy."
WASHINGTON – Open Markets Executive Director Barry Lynn released the following statement regarding the Biden Administration, Federal Trade Commission (FTC), and Consumer Financial Protection Bureau (CFPB) taking decisive action to curb junk fees across the economy.
“Today’s monopolists and other powerful private corporations are true experts in exploiting their leverage to rip off the American people, with the harm falling especially hard on the poorest, least educated, and least powerful members of our society. Today’s announcement demonstrates that President Biden is truly serious about banning these outrageous and abusive tactics and forcing corporations to just tell the truth about their services and prices.
“All of us at Open Markets strongly applaud these strong and clear-sighted actions by the Federal Trade Commission and Consumer Financial Protection Bureau. Trickery and fraud have no place in the American economy. Importantly, these actions will also help fight inflation, which in recent years has been driven almost entirely by the profit taking by people and corporations that are already rich and powerful.”
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