H.R.964 - Federal Price Gouging Prevention Act112th Congress (2011-2012)
|Sponsor:||Rep. Bishop, Timothy H. [D-NY-1] (Introduced 03/09/2011)|
|Committees:||House - Energy and Commerce|
|Latest Action:||03/14/2011 Referred to the Subcommittee on Commerce, Manufacturing, and Trade.|
This bill has the status Introduced
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Summary: H.R.964 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (03/09/2011)
Federal Price Gouging Prevention Act - Makes it unlawful for any person, during a proclaimed international crisis affecting the oil market, to sell gasoline or any other petroleum distillate at a price that: (1) is unconscionably excessive; and (2) indicates the seller is taking unfair advantage of the circumstances of the crisis to increase prices unreasonably.
Authorizes the President to issue such a proclamation citing the geographic area, gasoline or other petroleum distillate, and time period (not to exceed 30 consecutive days) covered. Permits such a proclamation to be renewed as the President determines appropriate and to include a period of up to one week preceding a reasonably foreseeable emergency.
Sets forth factors to be considered in determining if a violation of this Act has occurred. Requires the Federal Trade Commission (FTC) to enforce a violation of this Act as an unfair or deceptive act or practice and to give priority to enforcement actions concerning companies with U.S. sales over $10 billion per year. Prescribes civil and criminal penalties for violations, but limits the criminal penalty to criminal actions brought by the Department of Justice (DOJ).
Authorizes a state to bring a civil action to enforce this Act.
Declares that nothing in this Act preempts any state law.