As inflation spikes, NY lawmakers call for antitrust bill to cut down on corporate price gouging
FOX Business Flash top headlines for April 13
Here are your FOX Business Flash top headlines for April 13.
Elected officials in New York are pushing for a new antitrust bill to "crack down on corporate consolidation and price gouging" as inflation soars at its fastest pace in more than 40 years.
Legislators are calling for a vote on the 21st Century Antitrust Act, which officials say "would further empower the attorney general to investigate corporate price gouging and allow consumers to sue when corporate monopolies use their market power to unfairly increase prices." The bill is sponsored by New York State Senate Deputy Leader Michael Gianaris.
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"When corporations consolidate power, consumers pay the price – literally," Gianaris said in a statement. "It’s time we have the modern tools needed to fight back."
The push comes as the Labor Department's consumer price index jumped 8.5% in March from 12 months earlier, the sharpest year-over-year increase since 1981.