I 
119TH CONGRESS 
1ST SESSION H. R. 4528 
To make price gouging unlawful, to expand the ability of the Federal Trade 
Commission to seek permanent injunctions and equitable relief, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 17, 2025 
Ms. SCHAKOWSKY (for herself, Mr. DELUZIO, Ms. NORTON, Mr. NADLER, Ms. 
SCANLON, Ms. TLAIB, Ms. JAYAPAL, Mr. TONKO, Mr. KHANNA, Mr. 
JOHNSON of Georgia, Ms. DELAURO, Ms. CRAIG, and Ms. GOODLANDER) 
introduced the following bill; which was referred to the Committee on En-
ergy and Commerce, and in addition to the Committee on Financial Serv-
ices, for a period to be subsequently determined by the Speaker, in each 
case for consideration of such provisions as fall within the jurisdiction of 
the committee concerned 
A BILL 
To make price gouging unlawful, to expand the ability of 
the Federal Trade Commission to seek permanent injunc-
tions and equitable relief, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Price Gouging Prevention Act of 2025’’. 
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(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Definitions. 
Sec. 3. Prevention of price gouging. 
Sec. 4. Disclosures in SEC filings. 
Sec. 5. Funding. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) COMMISSION.—The term ‘‘Commission’’ 
means the Federal Trade Commission. 
(2) CRITICAL
TRADING
PARTNER.—The term 
‘‘critical trading partner’’ means a person that has 
the ability to restrict, impede, or foreclose access to 
the inputs, customers, partners, goods, services, 
technology, platform, facilities, or tools of such per-
son in a way that harms competition or limits the 
ability of the customers or suppliers of such person 
to carry out business effectively. 
(3) EXCEPTIONAL MARKET SHOCK.—The term 
‘‘exceptional market shock’’ means— 
(A) any change or imminently threatened 
(as determined under guidance issued by the 
Commission) change in the market for a good 
or service resulting from a natural disaster, 
failure or shortage of electric power or other 
source of energy, concerted labor action, lock-
out, civil disorder, war, military action, national 
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or local emergency, abrupt or significant shift 
in trade policy, public health emergency, or any 
other cause of an atypical disruption in such 
market; or 
(B) any period of time during which the 
President has declared a major disaster or 
emergency under section 401 or 502, respec-
tively, of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 
5170, 5191). 
(4) GOOD
OR
SERVICE.—The term ‘‘good or 
service’’ means any good or service offered in com-
merce. 
(5) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, each 
commonwealth, territory, or possession of the United 
States, and each federally recognized Indian Tribe. 
(6) ULTIMATE PARENT ENTITY.—The term ‘‘ul-
timate parent entity’’ has the meaning given such 
term in section 801.1 of title 16, Code of Federal 
Regulations (or any successor regulation). 
SEC. 3. PREVENTION OF PRICE GOUGING. 
(a) IN GENERAL.—It shall be unlawful for a person 
to sell or offer for sale a good or service at a grossly exces-
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sive price, regardless of the person’s position in a supply 
chain or distribution network. 
(b) AFFIRMATIVE DEFENSE.— 
(1) IN
GENERAL.—Subsection (a) shall not 
apply to the sale, or offering for sale, of a good or 
service by a person if— 
(A) the person’s ultimate parent entity 
earned less than $100,000,000 in gross revenue 
from goods or services provided in the United 
States during the 12-month period preceding 
the sale or offer that allegedly violates sub-
section (a); and 
(B) the person demonstrates by a prepon-
derance of the evidence that the increase in the 
price of the good or service involved is directly 
attributable to additional costs that are— 
(i) not within the control of the per-
son; and 
(ii) incurred by the person in pro-
curing, acquiring, distributing, or pro-
viding the good or service. 
(2) INFLATION
ADJUSTMENT.—Beginning on 
January 1, 2026, the Commission shall annually ad-
just the amount specified in paragraph (1)(A) by the 
percentage change in the consumer price index for 
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all urban consumers published by the Bureau of 
Labor Statistics for the 12-month period ending on 
December 31 of the previous year. 
(c) PRESUMPTIVE VIOLATIONS.—A person shall be 
presumed to be in violation of subsection (a) if, during 
an exceptional market shock, it is shown by a preponder-
ance of the evidence that the person— 
(1)(A) has unfair leverage; or 
(B) is using the effects or circumstances related 
to an exceptional market shock as a pretext to in-
crease prices; and 
(2) regardless of the person’s position in a sup-
ply chain or distribution network, sells or offers for 
sale a good or service at an excessive price compared 
to— 
(A) the average price at which the good or 
service was sold or offered for sale by the per-
son in the market during the 120-day period 
preceding such exceptional market shock; or 
(B) the price at which the good or service 
was sold or offered for sale by competing sellers 
in the market during the exceptional market 
shock. 
(d) REBUTTAL.—A person may rebut a presumption 
under subsection (c) if the person demonstrates by clear 
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and convincing evidence that the increase in the price of 
the good or service involved is directly attributable to addi-
tional costs that are— 
(1) not within the control of the person; and 
(2) incurred by the person in procuring, acquir-
ing, distributing, or providing the good or service. 
(e) UNFAIR LEVERAGE.— 
(1) IN GENERAL.— 
(A) CHARACTERISTICS OF UNFAIR LEVER-
AGE.—For purposes of subsection (c), a person 
has unfair leverage if the person— 
(i) earned at least $1,000,000,000 in 
gross revenue from goods or services pro-
vided in the United States during the 12- 
month period preceding the sale or offer 
that allegedly violates subsection (a); 
(ii) discriminates between otherwise 
equal trading partners in the same market 
by applying differential prices or condi-
tions; 
(iii) is a critical trading partner; 
(iv) engages in unfair, deceptive, or 
abusive acts or practices; 
(v) has a dominant position in— 
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(I) the conduct of any business, 
trade, or commerce; 
(II) any labor market; or 
(III) the furnishing of any serv-
ice; or 
(vi) has a characteristic described in a 
rule promulgated by the Commission that 
further defines unfair leverage. 
(B) PRESUMPTION OF A DOMINANT POSI-
TION.—For purposes of subparagraph (A)(v), a 
person shall be presumed to have a dominant 
position if— 
(i) evidence shows that the person is 
not constrained by meaningful competitive 
pressures; or 
(ii) the person— 
(I) has a share of 40 percent or 
greater of a relevant market as a sell-
er; or 
(II) has a share of 30 percent or 
greater of a relevant market as a 
buyer. 
(2) INFLATION
ADJUSTMENT.—Beginning on 
January 1, 2026, the Commission shall annually ad-
just the amount specified in paragraph (1)(A)(i) by 
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the percentage change in the consumer price index 
for all urban consumers published by the Bureau of 
Labor Statistics for the 12-month period ending on 
December 31 of the previous year. 
(f) ENFORCEMENT BY THE COMMISSION.— 
(1) UNFAIR
OR
DECEPTIVE
ACTS
OR
PRAC-
TICES.—A violation of this section or a regulation 
promulgated under this section shall be treated as a 
violation of a rule defining an unfair or deceptive act 
or practice prescribed under section 18(a)(1)(B) of 
the Federal Trade Commission Act (15 U.S.C. 
57a(a)(1)(B)). 
(2) POWERS OF THE COMMISSION.— 
(A) IN GENERAL.—Except as provided by 
subparagraphs (D) and (E), the Commission 
shall enforce this section in the same manner, 
by the same means, and with the same jurisdic-
tion, powers, and duties as though all applicable 
terms and provisions of the Federal Trade 
Commission Act (15 U.S.C. 41 et seq.) were in-
corporated into and made a part of this section. 
(B) PRIVILEGES
AND
IMMUNITIES.—Any 
person who violates this section or a regulation 
promulgated under this section shall be subject 
to the penalties and entitled to the privileges 
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and immunities provided in the Federal Trade 
Commission Act (15 U.S.C. 41 et seq.). 
(C) AUTHORITY PRESERVED.—Nothing in 
this section shall be construed to limit the au-
thority of the Commission under any other pro-
vision of law. 
(D) INDEPENDENT
LITIGATION
AUTHOR-
ITY.—If the Commission has reason to believe 
that a person has violated this section, the 
Commission may bring a civil action in any ap-
propriate United States district court to— 
(i) enjoin any further such violation 
by such person; 
(ii) enforce compliance with this sec-
tion; 
(iii) obtain a permanent, temporary, 
or preliminary injunction; 
(iv) obtain civil penalties; 
(v) obtain damages, restitution, or 
other compensation on behalf of aggrieved 
consumers; or 
(vi) obtain any other appropriate equi-
table relief. 
(E) CIVIL PENALTIES.—In addition to any 
other penalties as may be prescribed by law, 
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each violation of this section shall carry a civil 
penalty not to exceed— 
(i) if the person who committed the 
violation does not have unfair leverage (as 
described in subsection (e)), the lesser of— 
(I) $25,000; or 
(II) 5 percent of the revenues 
earned by the person’s ultimate par-
ent entity during the preceding 12- 
month period; or 
(ii) if the person who committed the 
violation has unfair leverage, 5 percent of 
the revenues earned by the person’s ulti-
mate parent entity during the preceding 
12-month period. 
(F) RULEMAKING.— 
(i) IN
GENERAL.—The Commission 
may promulgate in accordance with section 
553 of title 5, United States Code, such 
rules as may be necessary to carry out this 
section, including guidelines regarding 
what circumstances constitute an excep-
tional market shock or guidelines that pro-
vide for additional characteristics that 
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demonstrate that a person has unfair le-
verage. 
(ii) REQUIRED GUIDANCE.—Not later 
than 180 days after the date of enactment 
of this Act, the Commission shall promul-
gate regulations regarding violations of 
this section, which shall include guidelines 
on, for the purposes of this Act, what con-
stitutes a market, a grossly excessive price 
for a good or service, and an excessive 
price for a good or service. 
(iii) DEFINITION OF GROSSLY EXCES-
SIVE PRICE.— 
(I) IN GENERAL.—For purposes 
of subsection (a) and the guidelines 
on what constitutes a grossly excessive 
price described in clause (ii), the 
Commission shall define the term 
‘‘grossly excessive price’’ using any 
metric it deems appropriate. 
(II) 
DEFINITION
CONSIDER-
ATIONS.—In formulating the defini-
tion in subclause (I), the Commission 
shall consider whether to provide that 
such term shall include a price for a 
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good or service that is an amount 
equal to or greater than 120 percent 
(or a lesser percentage, as determined 
appropriate by the Commission) of the 
average price for such good or service 
in the market during the 6-month pe-
riod preceding the sale or offer that 
allegedly violates subsection (a). 
(g) ENFORCEMENT
BY STATE ATTORNEYS GEN-
ERAL.— 
(1) IN GENERAL.—If the attorney general of a 
State has reason to believe that any person has vio-
lated or is violating this section, the attorney gen-
eral, in addition to any authority it may have to 
bring an action in State court under the laws of 
such State, may bring a civil action in any appro-
priate United States district court or in any other 
court of competent jurisdiction, including a State 
court, to— 
(A) enjoin any further such violation by 
such person; 
(B) enforce compliance with this section; 
(C) obtain a permanent, temporary, or pre-
liminary injunction; 
(D) obtain civil penalties; 
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(E) obtain damages, restitution, or other 
compensation on behalf of residents of the 
State; or 
(F) obtain any other appropriate equitable 
relief. 
(2) RIGHTS OF THE COMMISSION.— 
(A) NOTICE TO THE COMMISSION.— 
(i) IN GENERAL.—Except as provided 
in clause (ii), before initiating a civil action 
under paragraph (1), the attorney general 
of a State shall provide to the Commission 
a written notice of such action and a copy 
of the complaint for such action. 
(ii) EXCEPTION.—If the attorney gen-
eral determines that it is not feasible to 
provide the notice described in clause (i) 
before initiating a civil action under this 
subsection, the attorney general shall pro-
vide written notice of the action and a copy 
of the complaint to the Commission imme-
diately upon initiating the civil action. 
(iii) JURISDICTION NOT AFFECTED.— 
An attorney general failing to provide no-
tice under clause (i) shall not prevent the 
attorney general or the Commission from 
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having jurisdiction over a civil action 
brought under paragraph (1) or imperil 
such civil action in any way. 
(B) 
INTERVENTION.—The 
Commission 
may— 
(i) intervene in any civil action 
brought by the attorney general, official, or 
agency of a State under this subsection; 
and 
(ii) upon intervening— 
(I) be heard on all matters aris-
ing in the civil action; and 
(II) file petitions for appeal of a 
decision in the civil action. 
(3) INVESTIGATORY POWERS.—Nothing in this 
subsection may be construed to prevent the attorney 
general of a State from exercising the powers con-
ferred on the attorney general by the laws of the 
State to conduct investigations, to administer oaths 
or affirmations, or to compel the attendance of wit-
nesses or the production of documentary or other 
evidence. 
(4) LIMITATION ON STATE ACTION WHILE FED-
ERAL ACTION IS PENDING.—If the Commission has 
instituted a civil action for a violation of this section, 
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no State attorney general may, without the approval 
of the Commission, bring an action under this sub-
section during the pendency of that action against 
any defendant named in the complaint of the Com-
mission for any violation of this section alleged in 
the complaint. 
(5) RELATIONSHIP WITH STATE-LAW CLAIMS.— 
If the attorney general of a State has authority to 
bring an action under State law directed at acts or 
practices that also violate this section, the attorney 
general may assert a claim under State law and a 
claim under this section in the same civil action. 
(6) VENUE; SERVICE OF PROCESS.— 
(A) VENUE.—Any action brought under 
paragraph (1) may be brought in— 
(i) the district court of the United 
States that meets applicable requirements 
relating to venue under section 1391 of 
title 28, United States Code; or 
(ii) another court of competent juris-
diction. 
(B) SERVICE OF PROCESS.—In an action 
brought under paragraph (1), process may be 
served in any district in which— 
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(i) the defendant is an inhabitant, 
may be found, or transacts business; or 
(ii) venue is proper under section 
1391 of title 28, United States Code. 
(7) ACTIONS BY OTHER STATE OFFICIALS.— 
(A) IN GENERAL.—In addition to civil ac-
tions brought by an attorney general under 
paragraph (1), any other officer of a State who 
is authorized by the State to do so may bring 
a civil action under paragraph (1), subject to 
the same requirements and limitations that 
apply under this subsection to civil actions 
brought by attorneys general. 
(B) SAVINGS PROVISION.—Nothing in this 
subsection may be construed to prohibit an au-
thorized official of a State from initiating or 
continuing any proceeding in a court of the 
State for a violation of any civil or criminal law 
of the State. 
(8) EFFECT ON STATE LAWS.—Nothing in this 
section shall preempt or otherwise affect any State 
or local law. 
SEC. 4. DISCLOSURES IN SEC FILINGS. 
(a) DEFINITIONS.—In this section: 
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(1) COVERED
ISSUER.—The term ‘‘covered 
issuer’’ means an issuer that— 
(A) has a covered quarter; and 
(B) in the quarter following the covered 
quarter described in subparagraph (A), is re-
quired to submit Form 10–Q or Form 10–K. 
(2) COVERED
QUARTER.—The term ‘‘covered 
quarter’’ means a quarter during which there is an 
exceptional market shock. 
(3) FORM
10–K.—The term ‘‘Form 10–K’’ 
means the form described in section 249.310 of title 
17, Code of Federal Regulations, or any successor 
regulation. 
(4) FORM
10–Q.—The term ‘‘Form 10–Q’’ 
means the form described in section 240.15d–13 of 
title 17, Code of Federal Regulations, or any suc-
cessor regulation. 
(5) ISSUER.—The term ‘‘issuer’’ has the mean-
ing given the term in section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)). 
(b) INCLUSION IN FILING.—Each covered issuer, in 
each Form 10–K or Form 10–Q that the covered issuer 
is required to file in a quarter following a covered quarter, 
shall include in the filing the following information with 
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respect to that covered quarter, as compared with the 
quarter preceding that covered quarter: 
(1) The percentage change in the volume of 
goods or services sold, and the percentage change in 
the average sales price of those goods or services, 
which shall be broken down by material product cat-
egories, when relevant, and presented in a tabular 
format. 
(2) The gross margins of the covered issuer, 
which shall be broken down by material product cat-
egories, when relevant, and presented in a tabular 
format. 
(3) Presented in tabular format, the share of 
the increase in revenue of the covered issuer that is 
attributable to— 
(A) a change in the cost of goods or serv-
ices sold by the covered issuer; and 
(B) a change in the volume of goods or 
services sold by the covered issuer. 
(4) The percentage change in the costs of the 
covered issuer, which shall be broken down by cat-
egory and presented in tabular format. 
(5) In dollars, the change in the costs of the 
covered issuer and the revenue of the covered issuer, 
which shall be presented in tabular format. 
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(6) A detailed narrative disclosure of the pric-
ing strategy of the covered issuer, which shall in-
clude— 
(A) an explanation for any increase in the 
gross margins of material product categories, 
including all material causes for such an in-
crease, an explanation of how each such mate-
rial cause affected such an increase, and a de-
scription of the relative importance of each such 
material cause with respect to such an increase; 
(B) an explanation for the decisions made 
by the covered issuer with respect to the prices 
of goods or services sold by the covered issuer; 
(C) if the covered issuer increased prices at 
a rate that was greater than the rate at which 
the costs incurred by the covered issuer in-
creased, the rationale and objectives for increas-
ing prices in such a manner; and 
(D) a description of conditions under 
which the covered issuer plans to modify pricing 
after the date on which the covered issuer sub-
mits the filing. 
(c) REGULATIONS.—Not later than 180 days after 
the date of enactment of this Act, the Securities and Ex-
change Commission shall issue final regulations, or amend 
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existing regulations of the Commission, to carry out this 
section. 
(d) EFFECTIVE DATE.—This section shall take effect 
on the date on which the Securities and Exchange Com-
mission issues final regulations under subsection (c) or 
completes the amendments required under that sub-
section, as applicable. 
SEC. 5. FUNDING. 
In addition to amounts otherwise available, there is 
appropriated to the Commission for fiscal year 2025, out 
of any money in the Treasury not otherwise appropriated, 
$1,000,000,000, to remain available until September 30, 
2033, for carrying out the work of the Commission. 
Æ 
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