Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), and the JEC Democrats released a report titled, “Democrats are Taking on Corporate Greed and Fighting for American Families.”
Data shows that big companies have raked in abnormally high profits, driving up prices. Typically, company profits account for only 13% of price increases. However, between April 2020 and December 2021, company profits accounted for 54% of overall price increases and remained above normal levels through 2022. This was especially extreme for the largest companies, whose profit margins surged and remained high.
“While families were struggling with rapidly rising prices, mega corporations raked in profits – using inflation as an excuse to pad their pockets,” said JEC Chairman Martin Heinrich. “If left unchecked, these mega corporations will continue to raise prices, using their market dominance to extract more and more of American’s hard-earned wages. That’s why it’s more important than ever that Democrats in Congress and the Biden administration are fighting back – working to lower prices and increase competition.”
The full report can be found here.
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.
