Federal Price Gouging Prevention Act

FEDERAL PRICE GOUGING PREVENTION ACT -- (Extensions of Remarks - June 25, 2008)

SPEECH OF
HON. CHARLES B. RANGEL
OF NEW YORK
IN THE HOUSE OF REPRESENTATIVES
TUESDAY, JUNE 24, 2008

* Mr. RANGEL. Mr. Speaker, I rise today to express my full support for H.R. 6346, also know as the Federal Price-gouging Prevention Act. I join my other colleagues from both sides of the aisle and American consumers to address the issue of price gouging of gasoline and other fuels.

* This bill has received widespread support for several reasons. First, the bill gives the Federal Trade Commission the ability to investigate and punish companies that falsely inflate energy prices. It is unacceptable for energy companies to artificially raise prices. This bill serves to address these crimes and protect the American people.

* Second, this bill will allow for the Justice Department to collect criminal penalties and impose jail time during a state of national emergency on those who are found guilty of price-gouging. Most importantly, penalties collected from price-gouging companies will be forwarded to the Low-Income Home Energy Assistance Program, LIHEAP, to help families pay for their heating and air-conditioning bills.

* At this time, 28 states have passed legislation against price-gouging. More laws are needed at both the state and local levels to ensure that those who are responsible for artificially raising energy prices are investigated and punished.

* I urge other colleagues to support this bill. I applaud the work done by to protect the American people from energy price-gouging.

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