[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8658 Introduced in House (IH)]
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117th CONGRESS
2d Session
H. R. 8658
To establish the Sub-Task Force on Emergency Price Stabilization, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
August 5, 2022
Mr. Bowman (for himself, Mr. Garcia of Illinois, Ms. Pressley, Ms.
Schakowsky, Mr. Nadler, Ms. Tlaib, Mr. Johnson of Georgia, Ms. Lee of
California, Ms. Bush, Mr. Takano, Mrs. Watson Coleman, Mr. Cohen, Ms.
Ocasio-Cortez, Ms. Norton, Mr. Jones, Mr. Payne, Mr. Danny K. Davis of
Illinois, Mr. Espaillat, and Mr. Grijalva) introduced the following
bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To establish the Sub-Task Force on Emergency Price Stabilization, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Emergency Price Stabilization Act of
2022''.
SEC. 2. SENSE OF CONGRESS.
It is the sense of Congress that--
(1) in response to global economic disruptions, including
those related to the COVID-19 pandemic, and in anticipation of
future disruptions caused by climate change and other factors,
the Federal Government requires additional tools to protect
residents of the United States from price shocks and
profiteering; and
(2) as one such tool, the Federal Government should build
the capacity to establish limits on the growth of certain
prices, and to otherwise strategically regulate such prices, in
order to stabilize the cost of essential goods and services.
SEC. 3. DEFINITIONS.
In this Act:
(1) Advisory board.--The term ``Advisory Board'' means the
Advisory Board established pursuant to section 4(f).
(2) Agency.--The term ``agency'' has the meaning given such
term in section 551 of title 5, United States Code.
(3) Sub-task force.--The term ``Sub-Task Force'' means the
Sub-Task Force on Emergency Price Stabilization established
pursuant to section 4(a).
(4) Strategically important price.--The term
``strategically important price'' means a price associated with
any good or service that is ubiquitous as a productive input,
investment asset, or benchmark used to determine other prices.
SEC. 4. SUB-TASK FORCE ON EMERGENCY PRICE STABILIZATION.
(a) Establishment.--Not later than 60 days after the date of the
enactment of this Act, the President shall establish a sub-task force
to be known as the ``Sub-Task Force on Emergency Price Stabilization''
under the White House Supply Chains Disruption Task Force.
(b) Duties of Sub-Task Force.--The Sub-Task Force (in consultation
with the Advisory Board, the Secretary of Labor, the Director of the
Consumer Financial Protection Bureau, the Chair of the Federal Trade
Commission, the Director of the National Economic Council, the Chair of
the Council of Economic Advisers, the Secretary of the Treasury, the
Chair of the Federal Reserve System, the National Climate Advisor, the
Secretary of Housing and Urban Development, the Director of the Federal
Housing Finance Agency, and as needed, with other agencies whose
jurisdiction is relevant to the prices described in paragraph (1)),
using each methodology, tool, and process described in subsection
(d)(1)(A), shall do the following:
(1) Monitor the price of certain goods and services,
including in the following categories:
(A) Food.
(B) Energy.
(C) Housing.
(D) Health care.
(E) Transportation.
(F) Any price from the list of strategically
important prices described in paragraph (2) as the Sub-
Task Force determines appropriate.
(2) Establish a list of strategically important prices that
are of critical importance to the health, safety, economic
security, or well-being of residents of the United States and
update such list (based on changing economic conditions) not
later than once every 6 months.
(3) Analyze how the prices described in paragraph (1) are
impacted by disruptions to supply chains, including those
related to the COVID-19 pandemic and similar threats to public
health, climate-driven disasters and extreme weather events,
and geopolitical conflict, and by other disruptive, distortive,
speculative, or unusual conditions and practices that may be
related to the increases described in paragraph (5).
(4) Investigate, including in relation to the disruptions
described in paragraph (3), the costs, profits, price-setting
and investment decisions, and other relevant indicators and
practices of economically significant entities, especially
large corporations, that exercise disproportionate pricing
power over the prices described in paragraph (1).
(5) Determine when any such economically significant entity
has acted to raise or maintain a price described in paragraph
(1)--
(A) to exceed corresponding increases in per-unit
input and labor costs, or despite such costs that are
falling; or
(B) to an extent that is not economically
necessary, including when such cost increases could
reasonably be absorbed in whole or in part by the
economically significant entity.
(6) Inform the President and Congress, in a prompt manner
that is made available to the public on an appropriate website,
if the increases described in paragraph (5) are widespread or
burdensome such that action by the Federal Government is
warranted to protect residents of the United States and the
economy of the United States, including when such increases are
related to inflation.
(7) Make actionable recommendations, including
quantitatively specific recommendations as appropriate, to the
President on how to address the increases described in
paragraph (5), including the following:
(A) Targeted price controls and regulations to--
(i) establish limits on the growth of the
prices of goods and services; and
(ii) reduce volatility and promote
stability of such prices.
(B) Any other concurrent or subsequent action as
the Sub-Task Force determines appropriate to ensure
successful and equitable implementation of such
targeted price controls and regulations, including
action to do the following:
(i) Make adjustments to any enacted
recommendation based on changing economic
conditions.
(ii) Guarantee sufficient production and
supply of impacted goods and services,
including through the use of measures to reduce
sectoral demand.
(iii) Promote the expansion of relevant
productive capacity and, as appropriate, of
stockpiles and reserves.
(iv) Ensure and verify that such targeted
price controls and regulations do not lead to
an increase in (and wherever possible reduce)
greenhouse gas emissions or any other negative
impacts on public health, the environment, and
local communities.
(v) Establish conditions and requirements
on firms that may benefit financially from the
application of price controls and regulations
to the supply chains of such firms, or that
benefit from other forms of support under this
Act, including requirements to pass on lower
costs to consumers, contribute to sufficient
production and supply of goods and services,
and reduce greenhouse gas emissions and other
negative impacts on public health, the
environment, and local communities.
(vi) Establish price floors as appropriate,
including through purchasing, procurement, and
price supports by the Federal Government.
(vii) Intervene directly in commodity
markets to counter speculation, including by
pursuing collaboration with the Federal Reserve
and pursuing international coordination to
stabilize such markets.
(8) Design the recommendations in paragraph (7) by taking
into account any other tool the Federal Government is
authorized to use to directly prevent or counteract price-
gouging, windfall profits, or other harmful practices under the
purview of the Sub-Task Force, such that the recommendations of
the Sub-Task Force will complement, work in tandem with, or
address gaps in those tools, including by providing faster-
acting mechanisms where necessary to achieve the goals of this
Act.
(9) Report to the Advisory Board on the actionable
recommendations described in paragraph (7) that the Advisory
Board advises the Sub-Task Force on pursuant to subsection
(f)(3)(B). The Sub-Task Force shall make every effort to make
recommendations that are approved by the majority of the
Advisory Board.
(c) Powers of Sub-Task Force.--
(1) Powers.--The Sub-Task Force, to the extent necessary to
carry out the duties described in subsection (b)(4) or any
other duty described in subsection (b), may conduct
investigations, make reports, issue subpoenas, require the
production, making, or keeping of relevant documents and
records, take depositions, hold hearings, and conduct
(directly, by contract, or otherwise) research activities.
(2) Examination of records and properties.--The Sub-Task
Force, and any employee or agent the Sub-Task Force so
designates, are authorized, upon presenting appropriate
credentials to the person in charge, to enter, inspect, and
examine, at a reasonable time and in a reasonable manner,
records and properties to the extent such records and
properties are relevant to carrying out the duties described in
subsection (b).
(d) Reports.--
(1) Initial report.--Not later than 120 days after the
President establishes the Sub-Task Force pursuant to subsection
(a), the Sub-Task Force shall submit to the President and
Congress and make available to the public on an appropriate
website an initial report that includes the following:
(A) A description of each methodology, tool, and
process formulated in consultation with the Advisory
Board for the Sub-Task Force to use to carry out the
duties described in subsection (b), in a manner
consistent with the following goals:
(i) Stabilizing the prices of goods and
services that are of critical importance to the
health, safety, economic security, and well-
being of residents of the United States.
(ii) Preventing reductions in real wages
and creating conditions to enable growth in
such wages.
(iii) Protecting the economy of the United
States in light of the disruptions and threats
described in subsection (b)(3).
(B) A plan to seek and incorporate input on each
such methodology, tool, and process from additional
experts on the economy, public health, food systems,
housing, and climate change, as well as from labor
organizations, small businesses, community
organizations, and the public, including through at
least 1 process of notice and public comment.
(C) A plan for how the Sub-Task Force will
coordinate and collaborate with the Bureau of Labor
Statistics, the Bureau of Economic Analysis, the Census
Bureau, and other relevant statistical agencies and
programs of the Federal Government to conduct the
monitoring, analysis, and investigation described in
subsection (b), including the creation of new digital
resources to collate and organize data as needed.
(D) A preliminary analysis, which shall be updated
as necessary in one or more subsequent reports, of how
prices and profits described in subsection (b)(1) have
already increased during the COVID-19 pandemic in the
manner described in subsection (b)(5), relative to
appropriate baseline periods as determined by the Sub-
Task Force.
(E) A detailed analysis of the contribution of the
housing sector, including the rental and homeownership
markets, to the acceleration of inflation beginning in
2021, that considers the decision-making and practices
of housing providers, financial institutions, and
private equity firms.
(F) An analysis of the authority, other than the
authority described in section 5, the President may use
to implement and carry out the targeted price controls
and regulations or other concurrent or subsequent
action described in subsection (b)(7)(B), including
under the Defense Production Act of 1950 (50 U.S.C.
4501 et seq.).
(G) An analysis of how to enforce any such price
control or regulation.
(H) An analysis of the steps Congress could take to
facilitate the duties of the Sub-Task Force and the
President under this Act, including further amendment
of the Defense Production Act of 1950.
(I) A description of how the Sub-Task Force intends
to seek further input from Congress and the public in
carrying out the duties of the Sub-Task Force under
this Act.
(J) A plan for maximizing democratic participation
in the activities of the Sub-Task Force, including by
working with State, local, and Tribal governments to
create websites and digital resources that allow
residents of the United States to submit relevant
information and feedback to the Sub-Task Force, which
may include the establishment of volunteer committees
or networks, in coordination with such governments and
community organizations, to similarly assist in the
monitoring, analysis, investigation, and regulation of
prices under this Act.
(2) Subsequent reports.--Not later than 1 year after the
Sub-Task Force submits to the President and Congress the
initial report described in paragraph (1), and at least
annually thereafter, the Sub-Task Force shall submit to the
President and Congress and make available to the public on an
appropriate website a report that evaluates the efficacy of the
activities carried out under this Act, including any update to
the plans and analyses contained in the initial report.
(e) Staff.--
(1) Hiring.--The White House Supply Chains Disruption Task
Force shall hire staff to serve the Sub-Task Force as the White
House Supply Chains Disruption Task Force determines
appropriate.
(2) Detailees.--A staff member so hired may be a detailee,
on a non-reimbursable basis, from any agency to the Sub-Task
Force, including from the Federal Reserve.
(f) Advisory Board.--
(1) Establishment.--Not later than 60 days after the date
of the enactment of this Act, the President shall establish an
advisory board to the Sub-Task Force.
(2) Membership.--The Advisory Board shall consist of an odd
number of members appointed by the President and shall be
composed as follows:
(A) Representation of academic economists,
historians, sociologists, or others with relevant
expertise who have produced scholarship or public
policy work regarding how price or profit controls have
been, or can be, administered effectively.
(B) Representation of academic or public policy
experts who specialize in subject matter areas relevant
to the matters described in this Act, including public
health, food systems, housing, and climate change.
(C) Equal representation of labor organizations,
small business associations, and consumer or tenant
advocacy organizations.
(3) Duties.--The Advisory Board shall--
(A) consult with and assist the Sub-Task Force in
formulating the methodologies, tools, and processes
described in subsection (d)(1)(A) for the Sub-Task
Force to carry out the duties described in subsection
(b); and
(B) advise the Sub-Task Force on the actionable
recommendations described in subsection (b)(7) by--
(i) reviewing each such recommendation;
(ii) voting on whether to approve each such
recommendation; and
(iii) in the case that a majority of the
Advisory Board does not approve a
recommendation, writing a dissenting statement
of explanation for the Sub-Task Force to
include in submitting such recommendation to
the President.
(4) Communications.--The Advisory Board, or one or more
members thereof, may publish reports or any other communication
at any time at their discretion, if such reports and
communications are clearly distinguished from the reports of
the Sub-Task Force, and the particular authors and co-
signatories are clearly indicated.
(g) Additional Advisory Boards.--The Sub-Task Force may establish
advisory boards, other than the Advisory Board, as the Sub-Task Force
determines appropriate to focus on specific industries, sectors, or
geographical regions, and to consult with the Sub-Task Force on the
actionable recommendations described in subsection (b)(7). Any such
advisory board shall include equal representation of labor
organizations and businesses (including small businesses) from any
relevant industry or sector, broad representation of stakeholders and
communities from any relevant geographical region, and representation
from relevant subject matter experts and consumer or tenant advocacy
organizations.
(h) Termination.--The Sub-Task Force shall terminate not later than
December 31, 2028.
SEC. 5. PRESIDENTIAL AUTHORITY.
(a) Orders and Regulations.--The President may enact or adjust
price controls and regulations as the President determines appropriate
to stabilize prices of goods and services, in accordance with the
actionable recommendations of the Sub-Task Force described in section
4(b)(7) and the goals described in section 4(d)(1)(A).
(b) Communications to Congress.--If the President enacts or adjusts
a price control or regulation under subsection (a), the President shall
submit to Congress an explanation that is made available to the public
on an appropriate website that states how such price control or
regulation is consistent with the requirements of this Act, including
the goals described in section 4(d)(1)(A).
(c) Divergence From Recommendations of Sub-Task-Force.--If the
President enacts or adjusts a price control or regulation under
subsection (a), such price control or regulation may reasonably diverge
from the relevant actionable recommendations of the Sub-Task Force
described in section 4(b)(7), if--
(1) the President states and supports the reasons for such
divergence in the communication described in subsection (b);
and
(2) such price control or regulation is still qualitatively
consistent with the criteria described in subparagraph (A) or
(B) of section 4(b)(7).
SEC. 6. DELEGATION.
The President may delegate the performance of--
(1) any authority of the President under this Act to the
head of any agency as the President determines appropriate; and
(2) any function of the Sub-Task Force under this Act to
any other agency or office, or any new entity or office the
President may establish, as the President determines
appropriate.
SEC. 7. WAGES AND SALARIES.
The authority to make recommendations and issue and enforce orders
and regulations under this Act does not include the authority to make
recommendations or enact price controls or regulations to in any way
reduce, freeze, or establish limits on the growth of the wages and
salaries of workers.
SEC. 8. EXPIRATION OF PRESIDENTIAL AUTHORITY.
(a) Expiration.--The authority conferred by this Act on the
President to issue and enforce orders and regulations under this Act
expires on December 31, 2024.
(b) Rule of Construction.--Nothing in subsection (a) may be
construed to affect any other authority the President may use to
implement and carry out targeted price controls and regulations,
including such authority identified pursuant to section 4(d)(1)(D).
SEC. 9. REPORT OF THE NATIONAL ECONOMIC COUNCIL.
Not later than 120 days after the date of the enactment of this
Act, the National Economic Council, in consultation with the head of
any agency or private entity as the National Economic Council
determines to be necessary, shall submit to the President and Congress
and make available to the public on an appropriate website a report
that analyzes how the Federal Government can expand its capacity to
stabilize and manage prices over time, including an analysis of the
following:
(1) How the Federal Government, State governments, and
other public regulatory bodies already regulate certain prices,
directly or indirectly, and how such regulations could inform
and facilitate further stabilization and management of prices
by the Federal Government.
(2) How the Federal Government has stabilized and managed
prices directly in the past.
(3) Conditions related to facilitating the stabilization
and management of prices by the Federal Government, including--
(A) administrative needs, including Federal data
and research needs and improvements in corporate
transparency, data collection, and record keeping, to
carry out effective, comprehensive monitoring of the
prices of goods and services, corporate profits, price-
setting and investment decisions, supply chains, and
other relevant indicators and practices;
(B) the maximization of democratic participation by
the agency or entity carrying out such price
management; and
(C) methods of enforcement.
(4) Other policies and investments the Federal Government
should prioritize, in conjunction with price management, to
ease inflationary pressures and enhance the health, safety,
economic security, and well-being of residents of the United
States, including investments in sustainable agriculture and
food systems, renewable energy and efficiency, domestic
manufacturing, just and resilient global supply chains, public
and affordable housing, public transportation, universal health
and child care, other public care infrastructure, and other
free or affordable public goods and services.
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