This morning, the Senate Banking Committee’s Economic Policy Subcommittee will examine the practices of corporate mega-stores, such as grocery conglomerates Walmart and Target, during the pandemic. The focus is on how these companies increased prices for American consumers.
When questioned by the Federal Trade Commission about prioritizing their orders over those of small businesses, lobbyists for these corporations attributed rising costs to credit card acceptance fees rather than corporate greed. The hearing, titled “Protecting Consumers’ Pocketbooks: Lowering Food Prices and Combatting Corporate Price Gouging and Consolidation,” aims to address these issues.
The Economic Policy Subcommittee has compiled independent research and reports indicating that mega-stores have been inflating prices at a rate faster than inflation while achieving record-high sales and revenue figures.
The subcommittee believes that investing in new technologies and legislating national data security standards will contribute to creating a stronger payment system.