Price Gouging Prevention Act of 2024

The Price Gouging Prevention Act of 2024 prohibits businesses from charging "grossly excessive" prices for goods or services during exceptional market shocks (like natural disasters or pandemics), directly affecting large corporations with over $100 million in annual U.S. revenue. Key provisions include presuming violations if prices rise more than 20% above pre-shock averages without justification, allowing companies to defend against claims by proving legitimate cost increases, and requiring major corporations to disclose pricing changes in SEC filings. Enforcement will be handled by the Federal Trade Commission (FTC) and state attorneys general, with civil penalties up to 5% of a company’s revenue. The bill defines "unfair leverage" for dominant firms and mandates annual inflation adjustments to revenue thresholds starting in 2025.