,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bcba  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ag1 #bjbe ,ms4  
,w>r5 7= h]self1 ,ms4 ,baldw91 ,mr4     
,blum5?al1 ,mr4 ,fett]man1 ,mr4 ,kim1   
,mr4 ,m>key1 ,mr4 ,m]kley1 ,mr4 ,s&]s1  
,ms4 ,slotk91 & ,mr4 ,:iteh\se7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,comm]ce1 ,sci5ce1 & ,transportation  ,a
 ,,bill  ,to make price g\g+ unlawful1  
to exp& ! ability ( ! ,f$]al ,trade     
,commission to seek p]man5t injunctions 
& equitable relief1 & = o!r purposes4   
#a4  ,%ort title2 table ( cont5ts  7a7  
,%ort title  ,?is ,act may be cit$ z !  
,price ,g\g+ ,prev5tion ,act ( #bjbe4   
7b7  ,table ( cont5ts  ,! table (       
cont5ts = ?is ,act is z foll[s3 ,sec4   
#a4 ,%ort title2 table ( cont5ts4 ,sec4 
#b4 ,def9itions4 ,sec4 #c4 ,prev5tion ( 
price g\g+4 ,sec4 #d4 ,disclosures 9    
,,sec fil+s4 ,sec4 #e4 ,fund+4  #b4     
,def9itions ,9 ?is ,act3  7#a7          
,commission  ,! t]m ,commission means ! 

,f$]al ,trade ,commission4  7#b7        
,critical trad+ p>tn] ,! t]m critical   
trad+ p>tn] means a p]son t has !       
ability to re/rict1 imp$e1 or =eclose   
access to ! inputs1 cu/om]s1 p>tn]s1    
goods1 s]vices1 te*nology1 plat=m1      
facilities1 or tools ( su* p]son 9 a way
 t h>ms competition or limits ! ability 
( ! cu/om]s or suppli]s ( su* p]son to  
c>ry out bus9ess effectively4  7#c7     
,exceptional m>ket %ock  ,! t]m         
exceptional m>ket %ock means-- 7,a7 any 
*ange or imm95tly ?reat5$ 7z det]m9$ "u 
guidance issu$ by ! ,commission7 *ange 9
 ! m>ket = a good or s]vice result+ f a 
natural disa/]1 failure or %ortage (    
electric p[] or o!r s\rce ( en]gy1      
conc]t$ labor action1 lock\t1 civil     
disord]1 w>1 milit>y action1 national or
 local em]g5cy1 abrupt or significant   
%ift 9 trade policy1 public heal?       
em]g5cy1 or any o!r cause ( an atypical 
disruption 9 su* m>ket2 or  7,b7 any    
p]iod ( "t dur+ :i* ! ,presid5t has     
decl>$ a major disa/] or em]g5cy "u     

section #dja or #ejb1 respectively1 ( ! 
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#eagj1 #eaia74  7#d7  ,good or s]vice   
,! t]m good or s]vice means any good or 
s]vice (f]$ 9 comm]ce4  7#e7  ,/ate  ,! 
t]m ,/ate means ea* ( ! sev]al ,/ates1 !
 ,di/rict ( ,columbia1 ea* commonweal?1 
t]ritory1 or possession ( ! ,unit$      
,/ates1 & ea* f$]ally recogniz$ ,indian 
,tribe4  7#f7  ,ultimate p>5t entity  ,!
 t]m ultimate p>5t entity has ! mean+   
giv5 su* t]m 9 section #hja4a ( title   
#af1 ,code ( ,f$]al ,regulations 7or any
 successor regulation74  #c4  ,prev5tion
 ( price g\g+  7a7  ,9 g5]al  ,x %all be
 unlawful = a p]son to sell or (f] =    
sale a good or s]vice at a grossly      
excessive price1 reg>dless ( ! p]son's  
position 9 a supply *a9 or di/ribution  
network4  7b7  ,affirmative def5se  7#a7
  ,9 g5]al  ,subsection 7a7 %all n apply
 to ! sale1 or (f]+ = sale1 ( a good or 
s]vice by a p]son if--  7,a7 ! p]son's  
ultimate p>5t entity e>n$ less ?an      

#ajj1jjj1jjj 9 gross rev5ue f goods or  
s]vices provid$ 9 ! ,unit$ ,/ates dur+ !
 #ab-mon? p]iod prec$+ ! sale or (f] t  
alleg$ly violates subsection 7a72 &     
7,b7 ! p]son demon/rates by a           
prepond]ance ( ! evid5ce t ! increase 9 
! price ( ! good or s]vice involv$ is   
directly attributable to additional co/s
 t are--  7i7 n )9 ! control ( ! p]son2 
&  7ii7 incurr$ by ! p]son 9 procur+1   
acquir+1 di/ribut+1 or provid+ ! good or
 s]vice4  7#b7  ,inflation adju/m5t     
,beg9n+ on ,janu>y #a1 #bjbf1 !         
,commission %all annually adju/ ! am\nt 
specifi$ 9 p>agraph 7#a77;,a7 by !      
p]c5tage *ange 9 ! consum] price index =
 all urban consum]s publi%$ by ! ,bureau
 ( ,labor ,/ati/ics = ! #ab-mon? p]iod  
end+ on ,decemb] #ca ( ! previ\s ye>4   
7c7  ,presumptive violations  ,a p]son  
%all be presum$ to be 9 violation (     
subsection 7a7 if1 dur+ an exceptional  
m>ket %ock1 x is %[n by a prepond]ance (
 ! evid5ce t ! p]son--  7#a7  7,a7 has  
unfair lev]age2 or  7,b7 is us+ !       

effects or circum/ances relat$ to an    
exceptional m>ket %ock z a pretext to   
increase prices2 &  7#b7 reg>dless ( !  
p]son's position 9 a supply *a9 or      
di/ribution network1 sells or (f]s =    
sale a good or s]vice at an excessive   
price comp>$ to--  7,a7 ! av]age price  
at :i* ! good or s]vice 0 sold or (f]$ =
 sale by ! p]son 9 ! m>ket dur+ !       
#abj-;day p]iod prec$+ su* exceptional  
m>ket %ock2 or  7,b7 ! price at :i* !   
good or s]vice 0 sold or (f]$ = sale by 
compet+ sell]s 9 ! m>ket dur+ !         
exceptional m>ket %ock4  7d7  ,rebuttal 
,a p]son may rebut a presumption "u     
subsection 7c7 if ! p]son demon/rates by
 cle> & conv9c+ evid5ce t ! increase 9 !
 price ( ! good or s]vice involv$ is    
directly attributable to additional co/s
 t are--  7#a7 n )9 ! control ( ! p]son2
 &  7#b7 incurr$ by ! p]son 9 procur+1  
acquir+1 di/ribut+1 or provid+ ! good or
 s]vice4  7e7  ,unfair lev]age  7#a7  ,9
 g5]al  7,a7  ,*>act]i/ics ( unfair     
lev]age  ,= purposes ( subsection 7c71 a

 p]son has unfair lev]age if ! p]son--  
7i7 e>n$ at lea/ #a1jjj1jjj1jjj 9 gross 
rev5ue f goods or s]vices provid$ 9 !   
,unit$ ,/ates dur+ ! #ab-mon? p]iod     
prec$+ ! sale or (f] t alleg$ly violates
 subsection 7a72  7ii7 discrim9ates     
betwe5 o!rwise equal trad+ p>tn]s 9 !   
same m>ket by apply+ diff]5tial prices  
or conditions2  7iii7 is a critical     
trad+ p>tn]2  7iv7 engages 9 unfair1    
deceptive1 or abusive acts or practices2
  7v7 has a dom9ant position 9-- 7,i7 ! 
conduct ( any bus9ess1 trade1 or        
comm]ce2  7,,ii7 any labor m>ket2 or    
7,,iii7 ! furni%+ ( any s]vice2 or  7vi7
 has a *>act]i/ic describ$ 9 a rule     
promulgat$ by ! ,commission t fur!r     
def9es unfair lev]age4  7,b7            
,presumption ( a dom9ant position  ,=   
purposes ( subp>agraph 7,a77v71 a p]son 
%all be presum$ to h a dom9ant position 
if--  7i7 evid5ce %[s t ! p]son is n    
con/ra9$ by mean+ful competitive        
pressures2 or  7ii7 ! p]son-- 7,i7 has a
 %>e ( #dj p]c5t or great] ( a relevant 

m>ket z a sell]2 or  7,,ii7 has a %>e ( 
#cj p]c5t or great] ( a relevant m>ket z
 a buy]4  7#b7  ,inflation adju/m5t     
,beg9n+ on ,janu>y #a1 #bjbf1 !         
,commission %all annually adju/ ! am\nt 
specifi$ 9 p>agraph 7#a77;,a77i7 by !   
p]c5tage *ange 9 ! consum] price index =
 all urban consum]s publi%$ by ! ,bureau
 ( ,labor ,/ati/ics = ! #ab-mon? p]iod  
end+ on ,decemb] #ca ( ! previ\s ye>4   
7f7  ,en=cem5t by ! ,commission  7#a7   
,unfair or deceptive acts or practices  
,a violation ( ?is section or a         
regulation promulgat$ "u ?is section    
%all be treat$ z a violation ( a rule   
def9+ an unfair or deceptive act or     
practice prescrib$ "u section           
#ah7;a77#a77;,b7 ( ! ,f$]al ,trade      
,commission ,act 7#ae ,u4,s4,c4         
#eg;a7a77#a77;,b774  7#b7  ,p[]s ( !    
,commission  7,a7  ,9 g5]al  ,except z  
provid$ by subp>agraphs 7,d7 & 7,e71 !  
,commission %all en=ce ?is section 9 !  
same mann]1 by ! same means1 & ) ! same 
jurisdiction1 p[]s1 & duties z ?\gh all 

applicable t]ms & provisions ( ! ,f$]al 
,trade ,commission ,act 7#ae ,u4,s4,c4  
#da et seq47 7 incorporat$ into & made a
 "p ( ?is section4  7,b7  ,privileges & 
immunities  ,any p]son :o violates ?is  
section or a regulation promulgat$ "u   
?is section %all be subject to !        
p5alties & entitl$ to ! privileges &    
immunities provid$ 9 ! ,f$]al ,trade    
,commission ,act 7#ae ,u4,s4,c4 #da et  
seq474  7,c7  ,au?ority pres]v$  ,no?+ 9
 ?is section %all be con/ru$ to limit ! 
au?ority ( ! ,commission "u any o!r     
provision ( law4  7,d7  ,indep5d5t      
litigation au?ority  ,if ! ,commission  
has reason to believe t a p]son has     
violat$ ?is section1 ! ,commission may  
br+ a civil action 9 any appropriate    
,unit$ ,/ates di/rict c\rt to--  7i7    
enjo9 any fur!r su* violation by su*    
p]son2  7ii7 en=ce compliance ) ?is     
section2  7iii7 obta9 a p]man5t1        
tempor>y1 or prelim9>y injunction2  7iv7
 obta9 civil p5alties2  7v7 obta9       
damages1 re/itution1 or o!r comp5sation 

on behalf ( aggriev$ consum]s2 or  7vi7 
obta9 any o!r appropriate equitable     
relief4  7,e7 ,civil p5alties ,9        
addition to any o!r p5alties z may be   
prescrib$ by law1 ea* violation ( ?is   
section %all c>ry a civil p5alty n to   
exce$--  7i7 if ! p]son :o committ$ !   
violation does n h unfair lev]age 7z    
describ$ 9 subsection 7e771 ! less] (-- 
7,i7 #be1jjj2 or  7,,ii7 #e p]c5t ( !   
rev5ues e>n$ by ! p]son's ultimate p>5t 
entity dur+ ! prec$+ #ab-mon? p]iod2 or 
7ii7 if ! p]son :o committ$ ! violation 
has unfair lev]age1 #e p]c5t ( ! rev5ues
 e>n$ by ! p]son's ultimate p>5t entity 
dur+ ! prec$+ #ab-mon? p]iod4  7,f7     
,rulemak+  7i7  ,9 g5]al  ,! ,commission
 may promulgate 9 accordance ) section  
#eec ( title #e1 ,unit$ ,/ates ,code1   
su* rules z may be necess>y to c>ry out 
?is section1 includ+ guidel9es reg>d+   
:at circum/ances con/itute an           
exceptional m>ket %ock or guidel9es t   
provide = additional *>act]i/ics t      
demon/rate t a p]son has unfair lev]age4

  7ii7  ,requir$ guidance  ,n lat] ?an  
#ahj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,commission %all promulgate     
regulations reg>d+ violations ( ?is     
section1 :i* %all include guidel9es on1 
= ! purposes ( ?is ,act1 :at con/itutes 
a m>ket1 a grossly excessive price = a  
good or s]vice1 & an excessive price = a
 good or s]vice4  7iii7  ,def9ition (   
grossly excessive price  7,i7  ,9 g5]al 
,= purposes ( subsection 7a7 & !        
guidel9es on :at con/itutes a grossly   
excessive price describ$ 9 clause 7ii71 
! ,commission %all def9e ! t]m grossly  
excessive price us+ any metric x deems  
appropriate4  7,,ii7  ,def9ition        
consid]ations  ,9 =mulat+ ! def9ition 9 
subclause 7,i71 ! ,commission %all      
consid] :e!r to provide t su* t]m %all  
include a price = a good or s]vice t is 
an am\nt equal to or great] ?an #abj    
p]c5t 7or a less] p]c5tage1 z det]m9$   
appropriate by ! ,commission7 ( ! av]age
 price = su* good or s]vice 9 ! m>ket   
dur+ ! #f-mon? p]iod prec$+ ! sale or   

(f] t alleg$ly violates subsection 7a74 
7g7  ,en=cem5t by ,/ate attorneys g5]al 
7#a7  ,9 g5]al  ,if ! attorney g5]al ( a
 ,/ate has reason to believe t any p]son
 has violat$ or is violat+ ?is section1 
! attorney g5]al1 9 addition to any     
au?ority x may h to br+ an action 9     
,/ate c\rt "u ! laws ( su* ,/ate1 may   
br+ a civil action 9 any appropriate    
,unit$ ,/ates di/rict c\rt or 9 any o!r 
c\rt ( compet5t jurisdiction1 includ+ a 
,/ate c\rt1 to--  7,a7 enjo9 any fur!r  
su* violation by su* p]son2  7,b7 en=ce 
compliance ) ?is section2  7,c7 obta9 a 
p]man5t1 tempor>y1 or prelim9>y         
injunction2  7,d7 obta9 civil p5alties2 
7,e7 obta9 damages1 re/itution1 or o!r  
comp5sation on behalf ( resid5ts ( !    
,/ate2 or  7,f7 obta9 any o!r           
appropriate equitable relief4  7#b7     
,rights ( ! ,commission  7,a7 ,notice to
 ! ,commission  7i7 ,9 g5]al ,except z  
provid$ 9 clause 7ii71 be=e initiat+ a  
civil action "u p>agraph 7#a71 !        
attorney g5]al ( a ,/ate %all provide to

 ! ,commission a writt5 notice ( su*    
action & a copy ( ! compla9t = su*      
action4  7ii7  ,exception  ,if !        
attorney g5]al det]m9es t x is n        
feasible to provide ! notice describ$ 9 
clause 7i7 be=e initiat+ a civil action 
"u ?is subsection1 ! attorney g5]al %all
 provide writt5 notice ( ! action & a   
copy ( ! compla9t to ! ,commission      
imm$iately ^u initiat+ ! civil action4  
7iii7  ,jurisdiction n affect$  ,an     
attorney g5]al fail+ to provide notice  
"u clause 7i7 %all n prev5t ! attorney  
g5]al or ! ,commission f hav+           
jurisdiction ov] a civil action br\ght  
"u p>agraph 7#a7 or imp]il su* civil    
action 9 any way4  7,b7  ,int]v5tion  ,!
 ,commission may-- 7i7 int]v5e 9 any    
civil action br\ght by ! attorney g5]al1
 (ficial1 or ag5cy ( a ,/ate "u ?is     
subsection2 &  7ii7 ^u int]v5+-- 7,i7 be
 he>d on all matt]s aris+ 9 ! civil     
action2 &  7,,ii7 file petitions =      
appeal ( a decision 9 ! civil action4   
7#c7  ,inve/igatory p[]s  ,no?+ 9 ?is   

subsection may be con/ru$ to prev5t !   
attorney g5]al ( a ,/ate f ex]cis+ !    
p[]s conf]r$ on ! attorney g5]al by !   
laws ( ! ,/ate to conduct inve/igations1
 to adm9i/] oa?s or affirmations1 or to 
compel ! att5dance ( witnesses or !     
production ( docum5t>y or o!r evid5ce4  
7#d7  ,limitation on ,/ate action :ile  
,f$]al action is p5d+  ,if ! ,commission
 has in/itut$ a civil action = a        
violation ( ?is section1 no ,/ate       
attorney g5]al may1 )\t ! approval ( !  
,commission1 br+ an action "u ?is       
subsection dur+ ! p5d5cy ( t action     
aga9/ any def5dant nam$ 9 ! compla9t ( !
 ,commission = any violation ( ?is      
section alleg$ 9 ! compla9t4  7#e7      
,relation%ip ) ,/ate-law claims  ,if !  
attorney g5]al ( a ,/ate has au?ority to
 br+ an action "u ,/ate law direct$ at  
acts or practices t also violate ?is    
section1 ! attorney g5]al may ass]t a   
claim "u ,/ate law & a claim "u ?is     
section 9 ! same civil action4  7#f7    
,v5ue2 ,s]vice ( process  7,a7  ,v5ue   

,any action br\ght "u p>agraph 7#a7 may 
be br\ght 9-- 7i7 ! di/rict c\rt ( !    
,unit$ ,/ates t meets applicable        
requirem5ts relat+ to v5ue "u section   
#acia ( title #bh1 ,unit$ ,/ates ,code2 
or  7ii7 ano!r c\rt ( compet5t          
jurisdiction4  7,b7  ,s]vice ( process  
,9 an action br\ght "u p>agraph 7#a71   
process may be s]v$ 9 any di/rict 9     
:i*--  7i7 ! def5dant is an inhabitant1 
may be f\nd1 or transacts bus9ess2 or   
7ii7 v5ue is prop] "u section #acia (   
title #bh1 ,unit$ ,/ates ,code4  7#g7   
,actions by o!r ,/ate (ficials  7,a7  ,9
 g5]al  ,9 addition to civil actions    
br\ght by an attorney g5]al "u p>agraph 
7#a71 any o!r (fic] ( a ,/ate :o is     
au?oriz$ by ! ,/ate to d s may br+ a    
civil action "u p>agraph 7#a71 subject  
to ! same requirem5ts & limitations t   
apply "u ?is subsection to civil actions
 br\ght by attorneys g5]al4  7,b7       
,sav+s provision  ,no?+ 9 ?is subsection
 may be con/ru$ to prohibit an au?oriz$ 
(ficial ( a ,/ate f initiat+ or cont9u+ 

any proce$+ 9 a c\rt ( ! ,/ate = a      
violation ( any civil or crim9al law ( !
 ,/ate4  7#h7  ,effect on ,/ate laws    
,no?+ 9 ?is section %all preempt or     
o!rwise affect any ,/ate or local law4  
#d4  ,disclosures 9 ,,sec fil+s  7a7    
,def9itions  ,9 ?is section3 7#a7 ,cov]$
 issu] ,! t]m cov]$ issu] means an issu]
 t--  7,a7 has a cov]$ qu>t]2 &  7,b7 9 
! qu>t] foll[+ ! cov]$ qu>t] describ$ 9 
subp>agraph 7,a71 is requir$ to submit  
,=m #aj-,q or ,=m #aj-,k4  7#b7  ,cov]$ 
qu>t]  ,! t]m cov]$ qu>t] means a qu>t] 
dur+ :i* !re is an exceptional m>ket    
%ock4  7#c7  ,=m #aj-,k  ,! t]m ,=m     
#aj-,k means ! =m describ$ 9 section    
#bdi4caj ( title #ag1 ,code ( ,f$]al    
,regulations1 or any successor          
regulation4  7#d7  ,=m #aj-,q  ,! t]m   
,=m #aj-,q means ! =m describ$ 9 section
 #bdj4ae;d-#ac ( title #ag1 ,code (     
,f$]al ,regulations1 or any successor   
regulation4  7#e7  ,issu]  ,! t]m issu] 
has ! mean+ giv5 ! t]m 9 section #c7;a7 
( ! ,securities ,ex*ange ,act ( #aicd   

7#ae ,u4,s4,c4 #gh;c7a774  7b7          
,inclusion 9 fil+  ,ea* cov]$ issu]1 9  
ea* ,=m #aj-,k or ,=m #aj-,q t ! cov]$  
issu] is requir$ to file 9 a qu>t]      
foll[+ a cov]$ qu>t]1 %all include 9 !  
fil+ ! foll[+ in=mation ) respect to t  
cov]$ qu>t]1 z comp>$ ) ! qu>t] prec$+ t
 cov]$ qu>t]3  7#a7 ,! p]c5tage *ange 9 
! volume ( goods or s]vices sold1 & !   
p]c5tage *ange 9 ! av]age sales price ( 
^? goods or s]vices1 :i* %all be brok5  
d[n by mat]ial product categories1 :5   
relevant1 & pres5t$ 9 a tabul> =mat4    
7#b7 ,! gross m>g9s ( ! cov]$ issu]1 :i*
 %all be brok5 d[n by mat]ial product   
categories1 :5 relevant1 & pres5t$ 9 a  
tabul> =mat4  7#c7 ,pres5t$ 9 tabul>    
=mat1 ! %>e ( ! increase 9 rev5ue ( !   
cov]$ issu] t is attributable to--  7,a7
 a *ange 9 ! co/ ( goods or s]vices sold
 by ! cov]$ issu]2 &  7,b7 a *ange 9 !  
volume ( goods or s]vices sold by !     
cov]$ issu]4  7#d7 ,! p]c5tage *ange 9 !
 co/s ( ! cov]$ issu]1 :i* %all be brok5
 d[n by category & pres5t$ 9 tabul>     

=mat4  7#e7 ,9 doll>s1 ! *ange 9 ! co/s 
( ! cov]$ issu] & ! rev5ue ( ! cov]$    
issu]1 :i* %all be pres5t$ 9 tabul>     
=mat4  7#f7 ,a detail$ n>rative         
disclosure ( ! pric+ /rategy ( ! cov]$  
issu]1 :i* %all include--  7,a7 an      
explanation = any increase 9 ! gross    
m>g9s ( mat]ial product categories1     
includ+ all mat]ial causes = su* an     
increase1 an explanation ( h[ ea* su*   
mat]ial cause affect$ su* an increase1 &
 a description ( ! relative importance (
 ea* su* mat]ial cause ) respect to su* 
an increase2  7,b7 an explanation = !   
decisions made by ! cov]$ issu] )       
respect to ! prices ( goods or s]vices  
sold by ! cov]$ issu]2  7,c7 if ! cov]$ 
issu] increas$ prices at a rate t 0     
great] ?an ! rate at :i* ! co/s incurr$ 
by ! cov]$ issu] increas$1 ! rationale &
 objectives = increas+ prices 9 su* a   
mann]2 &  7,d7 a description (          
conditions "u :i* ! cov]$ issu] plans to
 modify pric+ aft] ! date on :i* ! cov]$
 issu] submits ! fil+4  7c7             

,regulations  ,n lat] ?an #ahj days aft]
 ! date ( enactm5t ( ?is ,act1 !        
,securities & ,ex*ange ,commission %all 
issue f9al regulations1 or am5d exi/+   
regulations ( ! ,commission1 to c>ry out
 ?is section4  7d7  ,effective date     
,?is section %all take effect on ! date 
on :i* ! ,securities & ,ex*ange         
,commission issues f9al regulations "u  
subsection 7c7 or completes ! am5dm5ts  
requir$ "u t subsection1 z applicable4  
#e4  ,fund+  ,9 addition to am\nts      
o!rwise available1 !re is appropriat$ to
 ! ,commission = fiscal ye> #bjbe1 out (
 any money 9 ! ,treasury n o!rwise      
appropriat$1 #a1jjj1jjj1jjj1 to rema9   
available until ,septemb] #cj1 #bjcc1 = 
c>ry+ out ! "w ( ! ,commission4