House Speaker Nancy Pelosi (D-CA) was pressed during a Sunday interview about what Democrats can do to lower skyrocketing inflation rates between now and the upcoming midterm elections.
When asked about the matter by George Stephanopoulos on ABC’s “This Week,” Pelosi appeared to pin some of the blame on Russian President Vladimir Putin’s invasion of Ukraine.
Pelosi talked about a new proposal, describing it as the U.S. Competition Act of 2022, which she claimed would address supply chain issues that are contributing to higher prices.
“This week we will have on the floor of the House, legislation for market manipulation and how companies are — we need to have a bright light of transparency on how companies are making big profits at the expense — and this is in the energy sector, at the expense of the consumer,” she added. “And we also are having same kind of hearings in appropriate — in the Agriculture Committee on how we can increase competition, again, so that we can lower food prices.”
On inflation, Pelosi says House will bring legislation to the floor this week to combat market manipulation in energy sector.
— This Week (@ThisWeekABC) May 15, 2022
TRANSCRIPT PROVIDED VIA ABC NEWS:
STEPHANOPOULOS: Let’s talk about inflation right now. This is something on the minds of all Americans. It’s certainly going to be working against Democrats heading into the midterms. Is there anything you can do between now and November to bring prices down?
PELOSI: Well, first, if I just may, on this weekend we were sadly observing the 1 millionth — the death of 1 million people from COVID. The sadness in our country, a million people dying, and we have to do something more about that. And we’re hoping that our Republican colleagues…
STEPHANOPOULOS: Legislation is stalled in the House right now.
PELOSI: Well, it’s not stalled in the House.
STEPHANOPOULOS: The Senate, excuse me.
PELOSI: It’s stalled in the Senate. Let’s put it that way. So we value all of us, and this, what happened last night was an assault on community, community safety and the rest as well as COVID undermining communities in such a way. OK. Let’s talk about inflation. First of all, a few things. Inflation, what — what causes inflation? One is when unemployment goes down, inflation goes up. That’s not anything to accept. When wages go up, inflation goes up. That’s one. When supply goes down, cost goes up. So supply is affected by COVID and supply chain problems that we have because of COVID, and also because of the war in Ukraine. Now I don’t — there is a Putin price hike at the pump. Not all of it to him, but a large part of it.
So what can we do? Well, we — this past week we’ve introduced within our conference a bipartisan actually friendly conference, our U.S. Competition Act of 2022. I don’t know if that will be the title. That’s always a debate, but it will address supply chain. It’s very important to make America independent and self-sufficient so that we’re not as dependent on product coming from overseas, whether it’s because of COVID or whatever else. But also because of not having shared values. So holding up our supply for reasons — using that leverage on us.
So this is very important. First part of the bill we’ll have $52 billion for chips. Chips are essential to our manufacturing here. Chips and semiconductors. The next part of it, $40-some billion are for supply chain concerns specifically, and the rest is about education and research, et cetera. So, again, this will help bring it down. We also this week — no, that was last week, and we’re working on that now, and this week we will have on the floor of the House, legislation for market manipulation and how companies are — we need to have a bright light of transparency on how companies are making big profits at the expense — and this is in the energy sector, at the expense of the consumer. And we also are having same kind of hearings in appropriate — in the Agriculture Committee on how we can increase competition, again, so that we can lower food prices.