TOMORROW: Groundwork’s Chief Economist to Testify at House Hearing on Monopoly Power and Corporate Profiteering
May 16, 2022 Groundwork Collaborative
Tomorrow, May 17 at 1 p.m. ET, Dr. Rakeen Mabud, Groundwork Collaborative’s Chief Economist and Managing Director of Policy and Research, will testify before the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law. The hearing titled, “Reviving Competition: Rebuilding America’s Economic Leadership and Combating Corporate Profiteering,” will cover how outsized and entrenched corporate power has facilitated rampant profiteering by megacorporations, squeezing families and small businesses.
Dr. Mabud will provide expert testimony on how companies are using the cover of inflation, the pandemic, and the war in Ukraine to raise prices beyond what increasing input costs would justify – yielding the highest profit margins in 70 years.
She will highlight recent evidence of corporate profiteering from earnings calls and draw a direct link to the high prices consumers and small businesses are facing today. Dr. Mabud will close by outlining how Congress can rein in corporate profiteering by strengthening the Federal Trade Commission, adopting stronger regulations for mergers, and taxing excess profits.
WHAT: Reviving Competition, Part 6: Rebuilding America’s Economic Leadership and Combating Corporate Profiteering
WHO: House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law
- Rep. David Cicilline (D-RI), Chair
- Rakeen Mabud, Ph.D., Groundwork Collaborative
- Barry Lynn, Open Markets Institute
- Robert Reich, Ph.D., University of California-Berkeley
- Patrice Onwuka, Center for Economic Opportunity, Independent Womens Forum
WHEN: Tomorrow, Tuesday, May 17, 2022 @ 1 p.m. ET
WHERE: Streaming live HERE
- 2141 Rayburn House Office Building