Tomorrow, March 8, 2022 at 10 a.m., Dr. Rakeen Mabud, Groundwork Collaborative’s Chief Economist and Managing Director of Policy and Research, will testify before the House Committee on Financial Services at a hearing entitled, “The Inflation Equation: Corporate Profiteering, Supply Chain Bottlenecks, and COVID-19.”
Dr. Mabud will provide her expert testimony on one of the key drivers of rising prices: corporate profiteering. She will provide data on historic profit margins, which have hit a 70-year high during the pandemic, and numerous examples of executives openly discussing their predatory pricing strategies on corporate earnings calls. Dr. Mabud will also provide evidence to suggest that a profit-price spiral – not wages – are driving prices up. Finally, she will provide recommendations to Congress to do its part to bring down prices by taxing excess profits, encouraging competition, and making long-overdue investments in our supply chain.
WHO: House Committee on Financial Services – Rep. Maxine Waters (D-CA), Chair
WHEN: Tomorrow, Tuesday, March 8, 2022 @ 10 a.m. ET
WHERE: Streaming live HERE
Rayburn House Office 2128