Americans continue to struggle under the weight of persistently high inflation and a string of 10 consecutive rate hikes from the Federal Reserve in an attempt to curb it. And while inflation is slowing, the Fed’s strategy of repeated interest rate hikes has been unable to contain a key driver of excessive consumer prices — corporate greed.

Companies have used inflation as a pretext to jack up consumer prices while raking in record-high profits. This corporate price gouging has led to corporate profits reaching all-time highs. Some of the largest general consumer S&P 500 companies have admitted to benefiting from increased prices as their net profits increased year-over-year and they rewarded shareholders with billions in handouts. Meanwhile, the Federal Reserve could feel compelled to keep raising interest rates on consumers to curb “inflation”–price hikes that are actually generated by corporate price gouging.

Congress must crack down on unchecked corporate greed. Instead of just relying on job-killing interest rate hikes, policymakers should directly address the problem of price gouging. We need legislation that would hold big corporations accountable for their greedy price hikes.

Congress must rein in price gouging and relieve the current financial pressure consumers face.

Sign the petition: Congress must pass legislation that takes action against corporate greed and price gouging.