Open Markets Celebrates New Biden Task Force to Check Monopoly Power and Lower Costs

Biden continues to grasp opportunities to check unsustainable levels of corporate control 

WASHINGTON – On Tuesday, March 5, 2024, the Biden Administration announced it will assemble a new federal task force to rein in corporations’ abuse of their pricing power, which has allowed them to gouge their customers and earn record profits, all while people continue to struggle with high costs.   

Open Markets Executive Director Barry Lynn released the following statement on the new task force:  

“Extreme concentration of corporate power over our markets has resulted in choked off supply chains, record high prices, and a range of serious physical risks, including to public health and national security. With this new task force, President Biden has grabbed onto yet another opportunity to undo decades of bad policy that allowed corporations to amass unsustainable levels of power and control. We’re thrilled to see it.”  

In June 2022, Open Markets policy director Phillip Longman penned a piece in the Washington Monthly on how "unchecked corporate power is fueling inflation.” 

 Lynn has provided public testimony about the monopoly power problem driving today’s inflation crisis, urging in May 2022 testimony before the House Judiciary Committee that “most important is to always remember that a main reason to stop corporations from trying to take America, is to stop them from breaking America.” 

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