Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1252) to protect consumers from price-gouging of gasoline and other fuels, and for other purposes, as amended. Mr. Speaker, I ask unanimous consent that all Members may have…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1252) to protect consumers from price-gouging of gasoline and other fuels, and for other purposes, as amended.
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, gasoline prices are now at record highs. The average price of gas is $3.19 nationwide, with my home State of Illinois having higher prices than any other at $3.46 a gallon. Now, rising gas prices are one thing, and I fully recognize the reality of global oil markets, the current state of our refinery capacity, and the basic laws of supply and demand. But the gouging of American consumers is another matter entirely, and the bill on the floor, H.R. 1252, the Federal Price Gouging Protection Act, ensures that American consumers are protected from companies that will prey on them during emergencies when they are most vulnerable.
I want to commend the gentleman from Michigan (Mr. Stupak) for a fine piece of legislation that is both thoughtful and careful in its scope. On the one hand, the bill is tough and decisive. It gives the Federal Trade Commission the tools to crack down on and punish those companies that would price-gouge American consumers by unscrupulously taking advantage of unique energy shortages and unconscionably raising the price of gasoline on the American consumer.
On the other hand, the bill explicitly takes into account the totality of market forces, both domestic and international. H.R. 1252 preserves the ability of companies to mitigate against legitimate risks and raise prices as necessary. Simply put, the bill is carefully written such that if a company is found liable of price gouging under this act, then they are in fact price gouging. It is very difficult to argue that we are overreaching or too vague in this bill.
As chairman of the Subcommittee on Commerce, Trade, and Consumer Protection, I fully support Mr. Stupak's bill and its expeditious treatment on the suspension calendar. It is important for the American people to know we are on the ball, and that this ball is moving quickly to address their concerns. I urge Members of the House to pass the legislation.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield 1 minute to the gentleman from Wisconsin (Mr. Kagen).
Mr. Speaker, I yield 1 minute to the gentleman from Connecticut (Mr. Courtney).
Mr. Speaker, I yield 1 minute to the gentleman from Rhode Island (Mr. Kennedy).
Mr. Speaker, I reserve the balance of my time.
Parliamentary Inquiry
Mr. Speaker, we have additional speakers.
Mr. Speaker, I want to remind my friend from Texas that he should take a closer look at the bill. The bill explicitly takes into account market conditions, both domestic and international. The bill has two pages of mitigating factors. If the costs go up, and they are going up, this bill allows companies to capture the costs.
And I would have to just conclude, Mr. Speaker, that my friend from Texas needs to take a closer look at this bill because his arguments are just not true.
Mr. Speaker, I yield 3 minutes to the gentleman from Michigan (Mr. Stupak).
Mr. Speaker, I yield 3 minutes to the gentleman from Massachusetts (Mr. Markey).
Mr. Speaker, I yield 10 seconds to the gentleman from Michigan (Mr. Stupak).
Mr. Speaker, may I inquire how much time we have remaining?
Mr. Speaker, I yield 2 minutes to the gentleman from Florida (Mr. Klein).
Mr. Speaker, I yield 1 minute to the gentleman from Michigan (Mr. Stupak).
Mr. Speaker, I yield myself the balance of my time.
Mr. Speaker, the opponents of this bill, my friends on the other side of the aisle, are asking for this Congress to wait until a more perfect time, a more perfect time to help the American consumer out.
Mr. Speaker, I want to remind my friends on the other side of the aisle that the American people are suffering right now, and they are demanding this Congress to take action right now.
There can never be a more perfect time for this Congress to take action. Now is the time to take action. Now is the time, Mr. Speaker.
Mr. Speaker, I just want to just inform my colleagues that scare tactics will not work this time. If they will look at this bill, they will see that scare tactics are nowhere in this bill. This bill is a scalpel, it is not a meat axe. This bill carefully speaks to the issues that the American people face. This bill is carefully crafted to take into account market conditions, explicitly listing those mitigating factors that will spur the FTC into action.
Any company that gouges should be sought out, should be identified, should be brought before justice, should be brought before the American people in the form of the Federal Trade Commission. A company will be found guilty of price gouging under this bill only, and I repeat, only if they engage in unconscionable pricing. We do not suspend free markets nor do we suspend the laws of supply and demand.
Mr. Speaker, again, the American consumers need us to act, they want us to act, they demand that we do act. Now is the time. Now is the time for us to act. I ask Members of this Congress to vote in favor of this bill.