On Monday, Senator Reverend Warnock sent a letter to President Joe Biden urging the White House’s Supply Chain Disruption Task Force to investigate the apparent price gouging of ocean carriers, who have used the COVID-19 pandemic as an excuse to increase profit margins
Global carriers’ profits have increased over 2,000% between spring of 2020 and fall of 2021
Senator Reverend Warnock has long focused on easing supply chain issues, including securing $8 million to alleviate congestion at the Port of Savannah, introducing the Supply Chain Resiliency Act to address Georgia’s supply chain issues, and hosting a supply chain roundtable with Georgia leaders to discuss supply-chain solutions
Senator Reverend Warnock: “The business practices of a few greedy companies with an outsized influence on our economy cannot be ignored for their role in pushing up costs for consumers.”
ICYMI from 11Alive – Georgia senator Rev. Raphael Warnock going after shipping companies accused of price gauging
WATCH Senator Reverend Warnock’s video statement HERE
Washington, D.C. — Today, U.S. Senator Reverend Raphael Warnock (D-GA), a member of the Senate Commerce, Science and Transportation Committee, released a video statement calling for a federal investigation regarding the corporate greed of ocean carriers. In a letter to President Joe Biden, Senator Warnock urged the White House’s Supply Chain Disruption Task Force to investigate and issue a report on apparent price-gouging by international cargo carriers that have raised costs for Georgia families. There’s ample evidence that global shipping carriers have used market volatility, cause by the COVID-19 pandemic, to increase profits and pad their earnings. Instead of cutting prices to pass savings onto consumers, companies are giving billions in profits, earned at the expense of American families, to their wealthy investors.
“We’ve been saying throughout this pandemic that we’re in this together, but the truth is the business practices of a few greedy companies with an outsized influence on our economy cannot be ignored for the role that they are playing in pushing up costs for everyday consumers,” said Senator Reverend Warnock in a video statement. “And that’s why I wrote a letter to the White House Supply Chain Disruption Task Force asking them to investigate what looks like price gouging by some of the shipping companies, which are largely based overseas.”
Transcript of Senator Reverend Warnock’s remarks below:
“Well, hello, everybody. And thank you so much for joining me. I want to take your questions. But before I take your questions, I want to give a few remarks on the letter that I sent yesterday, calling for a federal investigation on the corporate greed of ocean carriers.
“I’m hearing from Georgians every day about rising costs that make it difficult to make ends meet or to run a small business. And I’ve worked hard since coming to the Senate to provide relief to families so that they can pay their bills and so that small businesses can keep their doors open and keep workers on the payroll.
“We’ve been saying throughout this pandemic that we’re in this together, but the truth is the business practices of a few greedy companies with an outsized influence on our economy cannot be ignored for the role that they are playing in pushing up costs for everyday consumers. And that’s why I wrote a letter to the White House Supply Chain Disruption Task Force asking them to investigate what looks like price gouging by some of the shipping companies, which are largely based overseas.
“Now, some of these price increases are because of supply chain disruption caused by the pandemic. But while that’s true, these rising costs are also being caused by corporate greed. Greed we cannot ignore. In fact, ocean carriers have used market volatility to increase their profits by over 2,000% during the pandemic. Think about that.
“While everyday consumers in Georgia are struggling, their profits have increased 2,000%. Instead of cutting prices and passing savings on to consumers, onto Americans, the shipping companies are passing on billions of dollars in profits earned at the expense of Georgia families, to their wealthy investors, and executives.
“So, I’m going to fight to see that it stops. And that’s why I’m pushing the White House Supply Chain Disruption Task Force to get to the bottom of this, to ease Georgians’ financial worries. I promised that I would fight for them and that’s what I intend to do. Thank you so much for joining me. And now I’m happy to take a few of your questions.”
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