Price Gouging Prevention Act of 2024

The Price Gouging Prevention Act of 2024 prohibits businesses from selling goods or services at "grossly excessive prices" during normal market conditions. During exceptional market shocks (such as natural disasters, public health emergencies, or other major disruptions), the bill creates a presumption of violation if businesses with "unfair leverage" (defined as companies with $1 billion+ annual revenue or dominant market position) increase prices disproportionately compared to their costs. Small businesses with less than $100 million in annual revenue are exempt from the core prohibition but must demonstrate price increases are due to uncontrollable costs. The bill requires publicly traded companies to disclose detailed pricing information in SEC filings during exceptional market shocks and authorizes the FTC and state attorneys general to enforce the law through civil penalties and injunctions, with the FTC receiving $1 billion in funding for enforcement.