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“Dangerous Nonsense”: Larry Summers Warns Democrats' Price-Gouging Bill Could Backfire

Former Clinton Treasury Secretary Larry Summers slammed moves by Democratic lawmakers to introduce legislation that would counter alleged price gouging, calling it “dangerous nonsense.

There is no material prospect that, in any enduring way, gouging legislation can have any substantial effect on inflationary pressure,” Summers told Bloomberg Television‘s David Weinstein. “But it can cause and contrive all kinds of shortages” – as well as undermine moves by companies to boost supply as prices climb, he added.

Congress will vote next week on legislation barring “excessive” or “exploitative” fuel prices. House Speaker Nancy Pelosi Thursday backed the bill, saying, “This is a major exploitation of the consumer.” The measure is unlikely to garner the Republican support needed to become law, however. –Bloomberg

Summers got in dig at former President Donald Trump, saying “The ‘price-gouging at the pump’ stuff, the

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