Illinois Attorney General Kwame Raoul, along with a coalition of 15 attorneys general, is advocating for a national price gouging statute in response to economic uncertainty and exploitation of consumers.
Despite many states, including Illinois, already prohibiting price gouging, the lack of a federal law creates a significant loophole that can be exploited by unscrupulous businesses.
Raoul emphasized the detrimental impact of price gouging on public trust, stating, Price gouging limits public trust in the marketplace and takes clear advantage of consumers.
The coalition’s efforts were outlined in a letter to Congressional leaders, highlighting the benefits of a nationwide ban that would enhance enforcement capabilities beyond those of individual states.
The COVID-19 pandemic and recent geopolitical tensions have exacerbated supply chain issues, increasing the likelihood of price gouging that state laws struggle to address effectively.
Advocates for the ban argue it could foster economic stability for consumers and businesses alike. By discouraging hoarding behaviors stemming from perceived scarcity and inflated prices, a national statute would not only protect consumers but also encourage businesses to avoid pricing strategies that could harm their reputations and customer relationships.
Moreover, it would guard against monopolistic practices, ensuring that companies cannot raise prices unchecked without competition or accountability.
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