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Business & Economy
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Business & Economy
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Feds warn of price gouging as Milton nears
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As Hurricane Milton nears Florida’s western coast, federal agencies are warning consumers to be on high alert for bad actors seeking to exploit the extreme weather situations.
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“Companies are on notice: Do not use the hurricane as an excuse to exploit people through illegal behavior,” Manish Kumar, deputy assistant attorney general of the DOJ Antitrust Division, said in a press release Wednesday.
“The Antitrust Division and its law enforcement partners will act quickly to root out anticompetitive behavior and use every tool available to hold wrongdoers accountable,” Kumar added.
They warned of price gouging tactics for essential goods, which FTC Chair Lina Khan said the agency is already seeing “for essentials that are necessary for people to get out of harm’s way,” including for hotels, groceries and gas.
Khan said the agency is working to protect vulnerable Americans.
“No American should have to worry about paying grossly inflated prices when fleeing a hurricane. In partnership with state enforcers, the FTC will keep fighting to ensure that Americans can get the relief they need without being ripped off by bad actors exploiting a crisis,” Khan said.
Consumers should be on the lookout for scammers soliciting donations using names that imitate charities linked to the disaster, the agencies warned.
Scammers also often impersonate government officials and offer disaster relief in exchange for personal information or money, and sometimes they promote fake businesses or non-existent investment opportunities related to disaster recovery, including rebuilding or flood-proofing.
Federal officials said only scammers would ask for payment via wire transfer, gift card, payment app, cryptocurrency or in cash. They also warned that legitimate offers for disaster relief will never require payment.
The Hill’s Sarah Fortinsky has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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FEMA has enough money to respond to Hurricanes Helene and Milton
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The Federal Emergency Management Agency (FEMA) is not at risk of running out of money and being unable to support survivors in the immediate aftermath of a disaster, despite misinformation that has swirled in recent days.
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Mortgage applications drop 5.1 percent as rates rise despite Fed cuts
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Mortgage applications dipped earlier this month as rates have been on the rise following a strong September jobs report.
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CVS, UnitedHealth press for FTC Chair Khan to be removed from PBM lawsuit
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UnitedHealth and CVS Caremark are calling on a federal judge to disqualify Federal Trade Commission (FTC) Chair Lina Khan and two other commissioners from the agency’s lawsuit against the country’s largest pharmacy benefit managers (PBMs).
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Fed shrugs off downturn concerns in latest minutes
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Despite recent concerns among business leaders that the economy may enter a contraction some time in the next six months, U.S. central bankers see the economic outlook as fundamentally healthy.
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Upcoming news themes and events we’re watching:
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- The Bureau of Labor Statistics on Thursday will release its Consumer Price Index for September 2024 at 8:30 a.m. E.T.
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Branch out with more stories from the day:
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Ratan Tata, the former chairman of Indian conglomerate Tata Sons, dies at 86
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NEW DELHI (AP) — Ratan Tata, a former chairman of Indian conglomerate Tata Sons hailed as a visionary …
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Business and economic news we’ve flagged from other outlets:
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- Dow jumps more than 400 points to record close, S&P 500 hits all-time high (CNBC)
- How to factor in Social Security benefits when saving for retirement (CNN)
- Waffle House shutters Tampa locations ahead of Hurricane Milton (CBS News)
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Top stories on The Hill right now:
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Democrats start to hit the panic button
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Democrats’ nerves are at an all-time high. Read more
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Susan Rice: Trump’s reported calls with Putin appear illegal
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Former White House adviser and United Nations ambassador Susan Rice called out former President Trump over a report that he has spoken with Russian President Vladimir Putin at least seven times since leaving office, suggesting such calls would violate the Logan Act. Read more
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Opinions related to business and economic issues submitted to The Hill:
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- A fiscal compromise to get the federal debt under control
- The imagined national debt crisis: A long-running distraction
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You’re all caught up. See you tomorrow!
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Check out The Hill’s Business page for the latest coverage.
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