A joint task force comprising the Federal Trade Commission (FTC) and the Department of Justice (DOJ) will be established by Biden to combat 'unfair and illegal pricing'.

• President Biden will establish a joint strike force led by the Federal Trade Commission and Department of Justice to combat "unfair and illegal" corporate pricing, which he holds responsible for persistently high living expenses for consumers.
• Over the past three years, the FTC and DOJ have played a crucial role in enforcing Biden's regulatory agenda.
• The Competition Council will hold its sixth formal meeting at the White House on Tuesday afternoon.

On Tuesday, President Biden will establish a new task force to combat "unfair and illegal" corporate pricing, which he believes is hindering consumers from experiencing the benefits of lower inflation rates and a robust economy.

The task force will be jointly led by the Federal Trade Commission and the Department of Justice, two key agencies driving the Biden administration's regulatory agenda over the past three years.

Lina Khan, FTC Chair, announced on Monday that the agency is excited to be co-chairing the president's new Strike Force on Unfair and Illegal Pricing, which builds on the FTC's work to promote competition and combat unlawful business practices that are driving up costs for Americans.

The Assistant Attorney General for Antitrust, Jonathan Kanter, will join Khan in co-chairing the strike force.

We are tackling some of the world's largest corporations at the Justice Department to enhance the lives of American families, as stated by Kanter during the call.

On Tuesday afternoon, the White House Competition Council, comprised of top officials from various departments, will hold its sixth formal meeting to combat anti-competitive practices in various industries.

"Lael Brainard, National Economic Council Director, stated on a call that supply chains have normalized and inflation has decreased. However, some corporations are not passing on these savings to consumers, which has caused President Biden to become frustrated with unfair corporate practices that increase consumer costs. As a result, he is taking action."

The Consumer Financial Protection Bureau will release a final rule to reduce credit card late fees, while the Agriculture Department will finalize protections for farmers against discriminatory processing practices.

Despite objective data indicating a strong U.S. economy, the White House believes that announcements and meetings are part of Biden's ongoing campaign against corporate pricing practices that he deems unfair, which contributes to the public's perception that the economy is performing poorly.

Brainard stated that the competition council and its members have made efforts to reduce costs for various items such as hearing aids, asthma inhalers, Epi pens, and air travel.

What actions do regulators have the legal authority to take against companies that exercise their pricing power more aggressively than others?

"A senior administration official stated on a Monday call that there are numerous statutes in various agencies that can be applied in specific circumstances when high prices are negatively affecting consumers. However, the application depends on the specific circumstances and timing."

Biden has highlighted "price gouging" and "shrinkflation" as examples of corporate pricing tactics that maintain profits, despite decreases in wholesale and transportation costs.

As the election year progresses, voters may begin to view the narrative of a strong economy positively towards Biden, despite initially attributing the post-pandemic cost of living to him.

Over the weekend, four fresh polls indicated a rise in economic optimism among participants.

Despite polls showing him trailing former President Donald Trump in a hypothetical general election contest, Biden still leads Trump in several key swing states.