The American Cost of Living Defense Act would increase transparency and strengthen federal oversight of concentrated markets for groceries, housing, prescription drugs, and other everyday essentials
WASHINGTON, D.C. – Congressman Eugene Vindman (Va.-07) today introduced legislation to strengthen federal oversight of market concentration and potential anti-competitive practices in industries that provide Americans with everyday essentials, from groceries and housing to prescription drugs and gasoline.
As families across Virginia and the country struggle with rising costs, the legislation would strengthen federal oversight of concentrated markets, identify potential drivers of higher prices, and provide greater transparency into the corporations that control the goods and services Americans rely on every day.
“American families are getting squeezed at every turn, paying more for groceries, housing, prescription drugs, and other basic necessities while powerful corporations rake in record profits,” said Vindman. “When a handful of giant corporations control the markets for everyday essentials, hardworking Americans are the ones left footing the bill. My American Cost of Living Defense Act will shine a light on corporate concentration, expose the practices that may be driving up prices, and hold powerful interests accountable. For too long, powerful corporations have had the upper hand while working families pay more and get less. It’s time we change that.”
The American Cost of Living Defense Act would direct the Federal Trade Commission (FTC) to convene an interagency working group with the Department of Justice’s Antitrust Division, the Department of Health and Human Services, the Department of Agriculture, the Department of Housing and Urban Development, and the Consumer Financial Protection Bureau.
Every three years, the FTC would be required to publish a public report identifying the four largest firms by market share in each covered sector. The report would also examine corporate and supply-chain bottlenecks that may contribute to higher prices, as well as platforms or other market structures that may enable pricing coordination.
The legislation would focus on essential goods and services that affect household budgets, including groceries such as beef, poultry, eggs, and milk, housing rent, prescription drugs, motor fuel, and telecommunications services.
By making this information publicly available, the legislation would give consumers, policymakers, and federal regulators a clearer picture of where market concentration may be limiting competition and contributing to higher costs.
The American Cost of Living Defense Act is endorsed by the Economic Liberties Project.
Click here for bill text.
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