Emergency Price Stabilization Act of 2022
Bill: H.R.8658 | Sponsor: Rep. Bowman, Jamaal (D-NY)
Policy area: Finance and Financial Sector

Summary:
Emergency Price Stabilization Act of 2022
This bill creates the Sub-Task Force on Emergency Price Stabilization under the White House Supply Chains Disruption Task Force. The new task force must monitor the price of essential goods and services, investigate corporate price increases, make recommendations to the President, and report plans and research to the public.
The bill also grants the President the authority to enact or adjust price controls and regulations in accordance with these recommendations.

To establish the Sub-Task Force on Emergency Price Stabilization, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Emergency Price Stabilization Act of 
2022''.

SEC. 2. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) in response to global economic disruptions, including 
        those related to the COVID-19 pandemic, and in anticipation of 
        future disruptions caused by climate change and other factors, 
        the Federal Government requires additional tools to protect 
        residents of the United States from price shocks and 
        profiteering; and
            (2) as one such tool, the Federal Government should build 
        the capacity to establish limits on the growth of certain 
        prices, and to otherwise strategically regulate such prices, in 
        order to stabilize the cost of essential goods and services.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Advisory board.--The term ``Advisory Board'' means the 
        Advisory Board established pursuant to section 4(f).
            (2) Agency.--The term ``agency'' has the meaning given such 
        term in section 551 of title 5, United States Code.
            (3) Sub-task force.--The term ``Sub-Task Force'' means the 
        Sub-Task Force on Emergency Price Stabilization established 
        pursuant to section 4(a).
            (4) Strategically important price.--The term 
        ``strategically important price'' means a price associated with 
        any good or service that is ubiquitous as a productive input, 
        investment asset, or benchmark used to determine other prices.

SEC. 4. SUB-TASK FORCE ON EMERGENCY PRICE STABILIZATION.

    (a) Establishment.--Not later than 60 days after the date of the 
enactment of this Act, the President shall establish a sub-task force 
to be known as the ``Sub-Task Force on Emergency Price Stabilization'' 
under the White House Supply Chains Disruption Task Force.
    (b) Duties of Sub-Task Force.--The Sub-Task Force (in consultation 
with the Advisory Board, the Secretary of Labor, the Director of the 
Consumer Financial Protection Bureau, the Chair of the Federal Trade 
Commission, the Director of the National Economic Council, the Chair of 
the Council of Economic Advisers, the Secretary of the Treasury, the 
Chair of the Federal Reserve System, the National Climate Advisor, the 
Secretary of Housing and Urban Development, the Director of the Federal 
Housing Finance Agency, and as needed, with other agencies whose 
jurisdiction is relevant to the prices described in paragraph (1)), 
using each methodology, tool, and process described in subsection 
(d)(1)(A), shall do the following:
            (1) Monitor the price of certain goods and services, 
        including in the following categories:
                    (A) Food.
                    (B) Energy.
                    (C) Housing.
                    (D) Health care.
                    (E) Transportation.
                    (F) Any price from the list of strategically 
                important prices described in paragraph (2) as the Sub-
                Task Force determines appropriate.
            (2) Establish a list of strategically important prices that 
        are of critical importance to the health, safety, economic 
        security, or well-being of residents of the United States and 
        update such list (based on changing economic conditions) not 
        later than once every 6 months.
            (3) Analyze how the prices described in paragraph (1) are 
        impacted by disruptions to supply chains, including those 
        related to the COVID-19 pandemic and similar threats to public 
        health, climate-driven disasters and extreme weather events, 
        and geopolitical conflict, and by other disruptive, distortive, 
        speculative, or unusual conditions and practices that may be 
        related to the increases described in paragraph (5).
            (4) Investigate, including in relation to the disruptions 
        described in paragraph (3), the costs, profits, price-setting 
        and investment decisions, and other relevant indicators and 
        practices of economically significant entities, especially 
        large corporations, that exercise disproportionate pricing 
        power over the prices described in paragraph (1).
            (5) Determine when any such economically significant entity 
        has acted to raise or maintain a price described in paragraph 
        (1)--
                    (A) to exceed corresponding increases in per-unit 
                input and labor costs, or despite such costs that are 
                falling; or
                    (B) to an extent that is not economically 
                necessary, including when such cost increases could 
                reasonably be absorbed in whole or in part by the 
                economically significant entity.
            (6) Inform the President and Congress, in a prompt manner 
        that is made available to the public on an appropriate website, 
        if the increases described in paragraph (5) are widespread or 
        burdensome such that action by the Federal Government is 
        warranted to protect residents of the United States and the 
        economy of the United States, including when such increases are 
        related to inflation.
            (7) Make actionable recommendations, including 
        quantitatively specific recommendations as appropriate, to the 
        President on how to address the increases described in 
        paragraph (5), including the following:
                    (A) Targeted price controls and regulations to--
                            (i) establish limits on the growth of the 
                        prices of goods and services; and
                            (ii) reduce volatility and promote 
                        stability of such prices.
                    (B) Any other concurrent or subsequent action as 
                the Sub-Task Force determines appropriate to ensure 
                successful and equitable implementation of such 
                targeted price controls and regulations, including 
                action to do the following:
                            (i) Make adjustments to any enacted 
                        recommendation based on changing economic 
                        conditions.
                            (ii) Guarantee sufficient production and 
                        supply of impacted goods and services, 
                        including through the use of measures to reduce 
                        sectoral demand.
                            (iii) Promote the expansion of relevant 
                        productive capacity and, as appropriate, of 
                        stockpiles and reserves.
                            (iv) Ensure and verify that such targeted 
                        price controls and regulations do not lead to 
                        an increase in (and wherever possible reduce) 
                        greenhouse gas emissions or any other negative 
                        impacts on public health, the environment, and 
                        local communities.
                            (v) Establish conditions and requirements 
                        on firms that may benefit financially from the 
                        application of price controls and regulations 
                        to the supply chains of such firms, or that 
                        benefit from other forms of support under this 
                        Act, including requirements to pass on lower 
                        costs to consumers, contribute to sufficient 
                        production and supply of goods and services, 
                        and reduce greenhouse gas emissions and other 
                        negative impacts on public health, the 
                        environment, and local communities.
                            (vi) Establish price floors as appropriate, 
                        including through purchasing, procurement, and 
                        price supports by the Federal Government.
                            (vii) Intervene directly in commodity 
                        markets to counter speculation, including by 
                        pursuing collaboration with the Federal Reserve 
                        and pursuing international coordination to 
                        stabilize such markets.
            (8) Design the recommendations in paragraph (7) by taking 
        into account any other tool the Federal Government is 
        authorized to use to directly prevent or counteract price-
        gouging, windfall profits, or other harmful practices under the 
        purview of the Sub-Task Force, such that the recommendations of 
        the Sub-Task Force will complement, work in tandem with, or 
        address gaps in those tools, including by providing faster-
        acting mechanisms where necessary to achieve the goals of this 
        Act.
            (9) Report to the Advisory Board on the actionable 
        recommendations described in paragraph (7) that the Advisory 
        Board advises the Sub-Task Force on pursuant to subsection 
        (f)(3)(B). The Sub-Task Force shall make every effort to make 
        recommendations that are approved by the majority of the 
        Advisory Board.
    (c) Powers of Sub-Task Force.--
            (1) Powers.--The Sub-Task Force, to the extent necessary to 
        carry out the duties described in subsection (b)(4) or any 
        other duty described in subsection (b), may conduct 
        investigations, make reports, issue subpoenas, require the 
        production, making, or keeping of relevant documents and 
        records, take depositions, hold hearings, and conduct 
        (directly, by contract, or otherwise) research activities.
            (2) Examination of records and properties.--The Sub-Task 
        Force, and any employee or agent the Sub-Task Force so 
        designates, are authorized, upon presenting appropriate 
        credentials to the person in charge, to enter, inspect, and 
        examine, at a reasonable time and in a reasonable manner, 
        records and properties to the extent such records and 
        properties are relevant to carrying out the duties described in 
        subsection (b).
    (d) Reports.--
            (1) Initial report.--Not later than 120 days after the 
        President establishes the Sub-Task Force pursuant to subsection 
        (a), the Sub-Task Force shall submit to the President and 
        Congress and make available to the public on an appropriate 
        website an initial report that includes the following:
                    (A) A description of each methodology, tool, and 
                process formulated in consultation with the Advisory 
                Board for the Sub-Task Force to use to carry out the 
                duties described in subsection (b), in a manner 
                consistent with the following goals:
                            (i) Stabilizing the prices of goods and 
                        services that are of critical importance to the 
                        health, safety, economic security, and well-
                        being of residents of the United States.
                            (ii) Preventing reductions in real wages 
                        and creating conditions to enable growth in 
                        such wages.
                            (iii) Protecting the economy of the United 
                        States in light of the disruptions and threats 
                        described in subsection (b)(3).
                    (B) A plan to seek and incorporate input on each 
                such methodology, tool, and process from additional 
                experts on the economy, public health, food systems, 
                housing, and climate change, as well as from labor 
                organizations, small businesses, community 
                organizations, and the public, including through at 
                least 1 process of notice and public comment.
                    (C) A plan for how the Sub-Task Force will 
                coordinate and collaborate with the Bureau of Labor 
                Statistics, the Bureau of Economic Analysis, the Census 
                Bureau, and other relevant statistical agencies and 
                programs of the Federal Government to conduct the 
                monitoring, analysis, and investigation described in 
                subsection (b), including the creation of new digital 
                resources to collate and organize data as needed.
                    (D) A preliminary analysis, which shall be updated 
                as necessary in one or more subsequent reports, of how 
                prices and profits described in subsection (b)(1) have 
                already increased during the COVID-19 pandemic in the 
                manner described in subsection (b)(5), relative to 
                appropriate baseline periods as determined by the Sub-
                Task Force.
                    (E) A detailed analysis of the contribution of the 
                housing sector, including the rental and homeownership 
                markets, to the acceleration of inflation beginning in 
                2021, that considers the decision-making and practices 
                of housing providers, financial institutions, and 
                private equity firms.
                    (F) An analysis of the authority, other than the 
                authority described in section 5, the President may use 
                to implement and carry out the targeted price controls 
                and regulations or other concurrent or subsequent 
                action described in subsection (b)(7)(B), including 
                under the Defense Production Act of 1950 (50 U.S.C. 
                4501 et seq.).
                    (G) An analysis of how to enforce any such price 
                control or regulation.
                    (H) An analysis of the steps Congress could take to 
                facilitate the duties of the Sub-Task Force and the 
                President under this Act, including further amendment 
                of the Defense Production Act of 1950.
                    (I) A description of how the Sub-Task Force intends 
                to seek further input from Congress and the public in 
                carrying out the duties of the Sub-Task Force under 
                this Act.
                    (J) A plan for maximizing democratic participation 
                in the activities of the Sub-Task Force, including by 
                working with State, local, and Tribal governments to 
                create websites and digital resources that allow 
                residents of the United States to submit relevant 
                information and feedback to the Sub-Task Force, which 
                may include the establishment of volunteer committees 
                or networks, in coordination with such governments and 
                community organizations, to similarly assist in the 
                monitoring, analysis, investigation, and regulation of 
                prices under this Act.
            (2) Subsequent reports.--Not later than 1 year after the 
        Sub-Task Force submits to the President and Congress the 
        initial report described in paragraph (1), and at least 
        annually thereafter, the Sub-Task Force shall submit to the 
        President and Congress and make available to the public on an 
        appropriate website a report that evaluates the efficacy of the 
        activities carried out under this Act, including any update to 
        the plans and analyses contained in the initial report.
    (e) Staff.--
            (1) Hiring.--The White House Supply Chains Disruption Task 
        Force shall hire staff to serve the Sub-Task Force as the White 
        House Supply Chains Disruption Task Force determines 
        appropriate.
            (2) Detailees.--A staff member so hired may be a detailee, 
        on a non-reimbursable basis, from any agency to the Sub-Task 
        Force, including from the Federal Reserve.
    (f) Advisory Board.--
            (1) Establishment.--Not later than 60 days after the date 
        of the enactment of this Act, the President shall establish an 
        advisory board to the Sub-Task Force.
            (2) Membership.--The Advisory Board shall consist of an odd 
        number of members appointed by the President and shall be 
        composed as follows:
                    (A) Representation of academic economists, 
                historians, sociologists, or others with relevant 
                expertise who have produced scholarship or public 
                policy work regarding how price or profit controls have 
                been, or can be, administered effectively.
                    (B) Representation of academic or public policy 
                experts who specialize in subject matter areas relevant 
                to the matters described in this Act, including public 
                health, food systems, housing, and climate change.
                    (C) Equal representation of labor organizations, 
                small business associations, and consumer or tenant 
                advocacy organizations.
            (3) Duties.--The Advisory Board shall--
                    (A) consult with and assist the Sub-Task Force in 
                formulating the methodologies, tools, and processes 
                described in subsection (d)(1)(A) for the Sub-Task 
                Force to carry out the duties described in subsection 
                (b); and
                    (B) advise the Sub-Task Force on the actionable 
                recommendations described in subsection (b)(7) by--
                            (i) reviewing each such recommendation;
                            (ii) voting on whether to approve each such 
                        recommendation; and
                            (iii) in the case that a majority of the 
                        Advisory Board does not approve a 
                        recommendation, writing a dissenting statement 
                        of explanation for the Sub-Task Force to 
                        include in submitting such recommendation to 
                        the President.
            (4) Communications.--The Advisory Board, or one or more 
        members thereof, may publish reports or any other communication 
        at any time at their discretion, if such reports and 
        communications are clearly distinguished from the reports of 
        the Sub-Task Force, and the particular authors and co-
        signatories are clearly indicated.
    (g) Additional Advisory Boards.--The Sub-Task Force may establish 
advisory boards, other than the Advisory Board, as the Sub-Task Force 
determines appropriate to focus on specific industries, sectors, or 
geographical regions, and to consult with the Sub-Task Force on the 
actionable recommendations described in subsection (b)(7). Any such 
advisory board shall include equal representation of labor 
organizations and businesses (including small businesses) from any 
relevant industry or sector, broad representation of stakeholders and 
communities from any relevant geographical region, and representation 
from relevant subject matter experts and consumer or tenant advocacy 
organizations.
    (h) Termination.--The Sub-Task Force shall terminate not later than 
December 31, 2028.

SEC. 5. PRESIDENTIAL AUTHORITY.

    (a) Orders and Regulations.--The President may enact or adjust 
price controls and regulations as the President determines appropriate 
to stabilize prices of goods and services, in accordance with the 
actionable recommendations of the Sub-Task Force described in section 
4(b)(7) and the goals described in section 4(d)(1)(A).
    (b) Communications to Congress.--If the President enacts or adjusts 
a price control or regulation under subsection (a), the President shall 
submit to Congress an explanation that is made available to the public 
on an appropriate website that states how such price control or 
regulation is consistent with the requirements of this Act, including 
the goals described in section 4(d)(1)(A).
    (c) Divergence From Recommendations of Sub-Task-Force.--If the 
President enacts or adjusts a price control or regulation under 
subsection (a), such price control or regulation may reasonably diverge 
from the relevant actionable recommendations of the Sub-Task Force 
described in section 4(b)(7), if--
            (1) the President states and supports the reasons for such 
        divergence in the communication described in subsection (b); 
        and
            (2) such price control or regulation is still qualitatively 
        consistent with the criteria described in subparagraph (A) or 
        (B) of section 4(b)(7).

SEC. 6. DELEGATION.

    The President may delegate the performance of--
            (1) any authority of the President under this Act to the 
        head of any agency as the President determines appropriate; and
            (2) any function of the Sub-Task Force under this Act to 
        any other agency or office, or any new entity or office the 
        President may establish, as the President determines 
        appropriate.

SEC. 7. WAGES AND SALARIES.

    The authority to make recommendations and issue and enforce orders 
and regulations under this Act does not include the authority to make 
recommendations or enact price controls or regulations to in any way 
reduce, freeze, or establish limits on the growth of the wages and 
salaries of workers.

SEC. 8. EXPIRATION OF PRESIDENTIAL AUTHORITY.

    (a) Expiration.--The authority conferred by this Act on the 
President to issue and enforce orders and regulations under this Act 
expires on December 31, 2024.
    (b) Rule of Construction.--Nothing in subsection (a) may be 
construed to affect any other authority the President may use to 
implement and carry out targeted price controls and regulations, 
including such authority identified pursuant to section 4(d)(1)(D).

SEC. 9. REPORT OF THE NATIONAL ECONOMIC COUNCIL.

    Not later than 120 days after the date of the enactment of this 
Act, the National Economic Council, in consultation with the head of 
any agency or private entity as the National Economic Council 
determines to be necessary, shall submit to the President and Congress 
and make available to the public on an appropriate website a report 
that analyzes how the Federal Government can expand its capacity to 
stabilize and manage prices over time, including an analysis of the 
following:
            (1) How the Federal Government, State governments, and 
        other public regulatory bodies already regulate certain prices, 
        directly or indirectly, and how such regulations could inform 
        and facilitate further stabilization and management of prices 
        by the Federal Government.
            (2) How the Federal Government has stabilized and managed 
        prices directly in the past.
            (3) Conditions related to facilitating the stabilization 
        and management of prices by the Federal Government, including--
                    (A) administrative needs, including Federal data 
                and research needs and improvements in corporate 
                transparency, data collection, and record keeping, to 
                carry out effective, comprehensive monitoring of the 
                prices of goods and services, corporate profits, price-
                setting and investment decisions, supply chains, and 
                other relevant indicators and practices;
                    (B) the maximization of democratic participation by 
                the agency or entity carrying out such price 
                management; and
                    (C) methods of enforcement.
            (4) Other policies and investments the Federal Government 
        should prioritize, in conjunction with price management, to 
        ease inflationary pressures and enhance the health, safety, 
        economic security, and well-being of residents of the United 
        States, including investments in sustainable agriculture and 
        food systems, renewable energy and efficiency, domestic 
        manufacturing, just and resilient global supply chains, public 
        and affordable housing, public transportation, universal health 
        and child care, other public care infrastructure, and other 
        free or affordable public goods and services.
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