Elizabeth Warren Calls Out ‘Shrinkflation’
As Americans face rising costs, Senator Elizabeth Warren is taking aim at deceptive pricing practices. The Massachusetts politician is backing legislation that would give regulators more power to crack down on “shrinkflation” – when companies decrease package sizes but keep prices the same.
Warren spoke to ABC about the “Fair Shrinkflation Standards Act” she has introduced with Senator Bob Casey. “We’re seeing some big corporations try to exploit inflation as cover for price gouging. This bill will bring transparency and accountability to the marketplace,” she said. The legislation would direct the FTC to establish clear rules on appropriate pricing practices.
Working with Biden on the Issue
Elizabeth Warren praised President Biden for creating a task force focused on shrinkflation and other misleading pricing tactics. “The President understands this is about fairness for consumers. If prices need to rise slightly, fine, but don’t try to disguise it by making packages smaller,” she stated. Biden has called out several major brands for suspected shrinkflation in recent months.
Consumer advocacy groups have welcomed the proposed crackdown. “Families are already under financial pressure from inflation. They don’t need companies making it worse through deceptive pricing schemes,” commented Elizabeth Warren supporter Lina Khan of the Open Markets Institute.
Warren believes voters will back efforts to rein in unscrupulous business behavior: “This is about protecting consumers when they shop for groceries, household goods and more. That issue will certainly come up on Election Day.” The midterms are expected to see close races as the economy remains a top concern for many Americans.
