BASS BILL WOULD IMPOSE STIFF PRICE GOUGING PENALTIES

From The Office of Congressman Charles Bass

WILSON / BASS BILLWOULD IMPOSE STIFF

PRICE GOUGING PENALTIES

Washington , .C. - Congressman Charles Bass (R-NH02) today introduced with Representative eather Wilson (R-NM) H.R. 5253, the Federal Energy Price Protection Act, to nact the first-ever federal penalties and prohibitions against gasoline, iesel fuel, crude oil, home heating oil, and biofuels price gouging.

"It is important or all Americans to have confidence in the nation's energy markets and he ability of the government to respond if there are failures or if price ouging is occurring," said Bass. "There is currently no federal law on the books to address the interstate nature of the market and no state law in a majority of jurisdictions, which means that many consumers have no adequate protection against such outrageous and unconscionable behavior."

This legislation would provide for strong enforcement by the Federal Trade Commission (FTC) and the states' attorneys general in civil cases, and by the U.S. Attorney General and Department of Justice in criminal cases. Penalties would include:

For civil wholesale sale violations, the penalties would be three times the ill-gotten gains, plus an amount not to exceed $3 million per day of a continuing violation.

For civil retail sale violations, the penalties would be three times the ill-gotten gains of the seller.