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federal trade commission
Dems Call for Prosecution of Corporations Using Trump's Illegal Iran War as Cover to Hike Prices
"As costs soar from Trump’s illegal war with Iran, any attempt by big corporations to jack up prices is unacceptable," said Rep. Jan Schakowsky.
Mar 25, 2026
Democratic lawmakers are warning corporate America to not use President Donald Trump's unconstitutional war with Iran as an excuse to jack up prices on US consumers.
US Sens. Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), and Ed Markey (D-Mass.), along with Reps. Jan Schakowsky (D-Ill.) and Chris Deluzio (D-Pa.), sent a letter on Tuesday to the Federal Trade Commission demanding that it investigate and prosecute any unlawful price gouging by corporations during Trump's war, which has raised the cost of oil, gasoline, fertilizer, and other essential goods.
While the Democrats acknowledged that Trump's war created "broad supply chain disruptions and widespread uncertainty in the global economy," they warned that "big corporations may capitalize on this uncertainty to hike prices more than is warranted by actual input cost increases, price gouging everyday Americans while enriching executives and padding investors’ pockets."
The lawmakers accused big corporations in recent years of using assorted crises—including the global Covid-19 pandemic, the 2022 Russian invasion of Ukraine, and Trump's massive "Liberation Day" tariffs on foreign goods—to justify hiking prices beyond what could be warranted by input increases caused by external shocks.
The lawmakers also touted the Price Gouging Prevention Act that they introduced in July 2025 that would expand the authority of the FTC and state attorneys general to stop sellers from charging a "grossly excessive price, regardless of where the price gouging occurs in a supply chain or distribution network."
The proposed bill would also require public companies to "clearly disclose costs and pricing strategies" used to justify any price increases during periods of economic disruption.
In a social media post, Schakowsky said that "as costs soar from Trump’s illegal war with Iran, any attempt by big corporations to jack up prices is unacceptable," emphasizing that "we must crack down on price gouging and protect consumers."
The call to stop price gouging comes as concerns are mounting about the major economic damage that Trump's Iran war could produce.
Larry Fink, CEO of hedge fund BlackRock, predicted during an interview with BBC on Wednesday that there would be a "stark and steep recession" throughout the world if the war dragged on and the price of oil hit $150 per barrel, which he said would raise costs on products everywhere.
"Rising energy prices are a very regressive tax," Fink said. "It affects the poor more than the wealthy, because it's a larger component of their pocketbook."
CNBC reported on Wednesday that forecasters have been increasing their odds of a recession in the US economy this year, as the Iran war puts a strain on oil prices at a time when job growth in the country has already ground to a halt.
"Moody’s Analytics’ model has raised its recession outlook for the next 12 months to 48.6%," wrote CNBC. "Goldman Sachs boosted its estimate to 30%. Wilmington Trust has the odds at 45%, while EY Parthenon has it at 40%, with the caveat that 'those odds could rapidly rise in the event of a more prolonged or severe Middle East conflict.'"
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Meet the $165 Billion 'Annoyance Economy' That Drives You Nuts—and Sucks Us Dry—All Year Long
"While seemingly minor, these little annoyances add up."
Feb 09, 2026
Corporate profits in the US have surged in recent decades, with subscription-based businesses reporting some of the biggest revenue growth as more Americans use streaming services and sign up for "subscribe and save" models in a quest for ease and convenience.
While promising consumers that subscribing to a service will save them money and time, subscription-based businesses have made canceling the services increasingly difficult, contributing to Americans spending 60% longer on the phone with customer service lines than they did two decades ago.
And although corporations hardly need the extra money, making cancellations more arduous for customers can boost their revenue by anywhere from 14% to over 200%, according to the think tank Groundwork Collaborative, which released a report Monday on what it calls "the annoyance economy."
The labyrinthine processes that millions of Americans face each year when they try to cancel subscription services is just one part of the annoyance economy, according to Groundwork, which detailed the seemingly endless time, money, and patience people spend "just trying to get basic things done"—as well as efforts by corporations and the Trump administration to make sure it stays that way.
While millions are struggling with the rising costs of groceries, healthcare, housing, childcare, and just about everything else, the report explains how—thanks to corporate greed and a White House intent on enabling it—Americans are also shelling out at least $165 billion per year in fees as well as lost time.
In addition to cancellation processes, the annoyance economy includes the $90 billion people across the US spend every year on junk fees when they buy concert tickets, make hotel reservations, and order food delivery; rental application fees that keep people from even attempting to move to new housing that could put them closer to work or school; and administrative healthcare tasks like obtaining coverage information and resolving questions about premiums and deductibles.
"While seemingly minor, these little annoyances add up," wrote Groundwork policy fellow Chad Maisel and Stanford University economist Neale Mahoney, the authors of the report, who cited a 2019 survey that found 1 in 4 respondents delayed getting healthcare or avoided it altogether specifically because of the administrative tasks they had to complete in order to get an appointment and make sure it was covered.
"All told, American workers collectively spend about $21.6-billion-worth of time each year dealing with healthcare administration, between calls, claims, explanations, and paperwork, according to a recent analysis."
Another new poll from Data for Progress found that nearly 80% of Americans reported "at least a little frustration" when coordinating their healthcare and filling out health insurance paperwork.
"All told, American workers collectively spend about $21.6-billion-worth of time each year dealing with healthcare administration, between calls, claims, explanations, and paperwork," reads the report, citing another recent analysis. "Polling confirms this: More than 1 in 3 Americans report dealing with health insurance headaches more than 20 times per year."
With frustration over health insurance companies' practices increasingly common, reads the report, "policymakers are missing important opportunities to take on a handful of egregious and particularly annoying practices."
Lawmakers could require insurance companies to make it easy for patients to fill out and submit claims online—instead of downloading, printing, and physically mailing claim forms with itemized receipts as Cigna requires patients to do.
Congress could also create a "healthcare sludge unit" to monitor and root out "needless friction throughout the healthcare experience."
Such a project could leverage tools "like 'blind shopper' experiments, public feedback lines, and direct engagement with industry to surface and fix barriers that waste patients’ time and erode trust."
The report also takes on the spam texts and calls that have become all-to-familiar to anyone with a cellphone.
"Text messaging, once reserved for conversation with friends and family, now resembles our email spam folders, dominated by unsolicited offers from companies, politicians, and fraudsters," wrote Maisel and Mahoney, who shared that on the day they wrote about spam in the report, "one of us received five spam calls, a text from 'Victoria' offering a $500-a-day job, and two breathless fundraising messages from political candidates we’ve never supported—or even heard of."
Those spam communications were some of the more than 130 million scam and illegal marketing calls Americans receive each day and the nearly 20 billion texts that were sent each month over the past year—leading "virtually all respondents" to Data for Progress' poll to report that the calls and texts are at least "a little frustrating" and 68% call them "very frustrating."
State and federal lawmakers could and should take action against spam calls and texts, said Maisel and Mahoney. Congress should modernize the Telephone Consumer Protection Act (TCPA), which was passed in 1991—well before companies began inundating Americans' inboxes with the newest robocalling and texting software.
"If a platform automatically dials from a stored list of numbers, it’s now exempt from the TCPA’s rules," reads the report. "The result: far more robocall and spam text operations can legally target people without their consent. Congress should update the definition of autodialer to include any callers and texters who automatically contact stored numbers, unless there’s real human involvement in sending each message."
Former President Joe Biden's Federal Communications Commission tried to close the "lead generator loophole,” which allows third-party marketers to collect people's contact information and sell it to dozens, sometimes hundreds, of businesses, but companies sued over the FCC's action and won in court.
President Donald Trump could issue an executive order directing federal agencies "to leverage all available resources and authorities to end robocalls and spam texts once and for all," said Maisel and Mahoney.
But the authors noted that the Trump administration's mass layoffs across the government would make enforcement more difficult.
"The Department of Justice also needs to prioritize enforcement against bad actors," they wrote. "While the FCC can levy fines for violations, it cannot pursue their collection without the DOJ. Of the eight robocalling forfeiture orders referred by the FCC, the DOJ has pursued only two for collection."
In the case of the hoops consumers are made to jump through in order to cancel subscriptions and services, the report emphasizes that the federal government has made significant inroads before to help the public.
The Consumer Financial Protection Bureau (CFPB) intervened in 2023 and stopped Toyota Motor Credit from continuing its practice of routing all consumer calls through a hotline "where representatives were instructed to keep promoting products until a consumer asked to cancel three times, at which point they were told cancellation was only possible by submitting a written request."
Under the Biden administration, the Federal Trade Commission (FTC) was lauded by consumer advocates for its click-to-cancel rule in 2024, requiring sellers to “make it as easy for consumers to cancel their enrollment as it was to sign up."
But Trump's FTC last year delayed implementation of the rule after industry groups said that "it would take a substantial amount of time to come into compliance.” A federal appeals court then effectively killed the rule altogether.
While the fees that gradually trickle out of Americans' bank accounts into the annoyance economy are often small individually, the report emphasizes that they add up—and the consequences of these business practices and the government's failure to stop them "extend beyond wasted time and money."
"When life is reduced to jumping through an endless series of hoops—just to fix a billing error, secure a refund, or cancel a subscription—it breeds cynicism and disengagement," reads the report. "If the government can remove even a few of those obstacles, we can show the American people that someone is paying attention and begin the long process of rebuilding public trust."
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Trump’s Lax Approach to Antitrust Helps Spur Banner Year for Corporate Mergers
"Trump’s new antitrust enforcers have demonstrated a willingness to facilitate dealmaking through an uptick in early terminations and settlements," said the American Economic Liberties Project.
Dec 26, 2025
Global corporate mergers surged to near-record highs in 2025, driven in part by US President Donald Trump's lax approach to antitrust enforcement.
The Financial Times reported on Friday that global dealmaking in 2025 topped $4 trillion, including 68 mergers worth $10 billion or more, highlighted by Netflix's $72 billion bid to buy Warner Bros. Discovery and a proposed $85 billion mega-merger between railway giants Union Pacific and Norfolk Southern.
The US alone accounted for $2.3 trillion worth of mergers and acquisitions, which the Financial Times said highlighted the Trump administration's role in green-lighting corporate consolidation.
"Top dealmakers said that the Trump administration’s push to loosen regulation had encouraged companies to explore tie-ups that they might otherwise have been hesitant to pursue," the Financial Times explained.
Andrew Nussbaum, co-chair of the executive committee at law firm Wachtell, Lipton, Rosen & Katz, told the Financial Times that corporate leaders "see a willingness of the regulators to engage in constructive dialogue" under the second Trump administration, which has given them "a willingness to take on regulatory risk for transactions that are strategic."
The American Economic Liberties Project has also taken note of the Trump administration's role in shepherding through big mergers, and created a Trump Merger Boom tracker earlier this year to document the massive wave of corporate consolidation.
In its analysis of the administration's lax approach to antitrust enforcement, the American Economic Liberties Project said that "Trump’s new antitrust enforcers have demonstrated a willingness to facilitate dealmaking through an uptick in early terminations and settlements."
"Despite pro-enforcement rhetoric early on from Trump’s heads of the FTC and DOJ Antitrust Division," the American Economic Liberties Project added, "it’s becoming increasingly clear that agency leadership is having trouble making their decisions in a vacuum—with a quiet tide of deals granted to companies that have been friendly to the White House."
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