Pisciottano, Innamorato fight inflation with Open Markets Act
New bill would crush monopolies, spur competition in Pennsylvania
HARRISBURG, June 22 – Today, state Reps. Nick Pisciottano and Sara Innamorato, both D-Allegheny, introduced the Open Markets Act, the latest in a package of new bills from PA House Democrats designed to combat rising prices and bring relief to Pennsylvanians.
The Open Markets Act would give the PA attorney general the authority necessary to effectively investigate and prosecute anti-trust violations, resulting in lower prices by reducing the number of price-gouging monopolies and creating a fairer, more competitive marketplace.
“CEOs are bragging publicly about how inflation is great for their profit margins at the same time working families are struggling to afford enough food and gas” Pisciottano said. “The rules are currently rigged in favor of large corporations, but they don’t have to be. The Open Markets Act is a crucial first step toward protecting consumers and small businesses in Pennsylvania.”
Pisciottano argued that anti-trust laws are extremely weak in Pennsylvania, which allows a few dominant corporations to control the supply and demand of entire industries, fostering an unfair, noncompetitive economic landscape.
“The fact that only a few dominant corporations control vital sectors of our economy is one of the major reasons for drastic consumer price increases,” Innamorato said. “In order to break the grip of monopolistic corporations on the American economy and political arena, we must modernize and reinvigorate our antitrust laws so bad actors can be held accountable.”
The bill, which is currently gathering co-sponsors and will soon be referred to a House committee, was the subject of a state House Democratic Policy Committee hearing today in Harrisburg. The two Allegheny County representatives also discussed their bill in detail during a news conference following the hearing, which can be viewed here.