Biden used the council meeting to announce 30 actions to improve access to medicine and needed economic data as well as other programmes tied to the production and shipment of goods.

He said he was tackling “junk fees”, hidden charges that companies sneak into bills just because they can and customers have no alternative.
The council follows an earlier task force that was meant to address the supply chain problems that partially fuelled higher inflation in 2021 as the United States recovered from the coronavirus pandemic.

Inflation remains a sore point for Biden’s approval ratings ahead of next year’s presidential election. After the annualised increase in the consumer price index peaked at 9.1 per cent in June 2022, inflation has eased to a moderate 3.2 per cent. The slowdown has not so far improved US adults’ feelings about the economy.

Biden said GOP policies would leave supply chains vulnerable, claiming that Republicans want to cut investments he has made in infrastructure and advanced manufacturing. The president also said companies that are taking advantage of inflation to boost profits are “price gouging”.

Among the 30 new actions, Biden will use the Defence Production Act to have the Health and Human Services Department invest in the domestic manufacturing of needed medicines that are deemed crucial for national security. The Cabinet agency has identified $35 million to invest in the production of materials for injectable medicines.

The federal government will also improve its ability to monitor supply chains through the sharing of data among agencies. The Commerce Department has developed new tools to assess risks to the supply chain and has partnered with the Energy Department on the supply of renewable energy resources. Shipping companies are beginning to use new data resources from the Transportation Department on freight logistics.

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In a recent speech, President Joe Biden warned companies against price gouging as the US faces rising inflation and supply chain disruptions. The President’s announcement came as the country struggles to recover from the economic impact of the COVID-19 pandemic. With inflation on the rise and supply chain disruptions causing shortages of critical goods and materials, Biden’s warning signals a concerted effort to prioritize consumer protection and economic stability.

The President’s address comes as the White House and Congress work to address the economic challenges facing the country. Inflation, which has surged in recent months, has raised concerns about the growing cost of goods and services for consumers across the nation. Supply chain disruptions, stemming from factors such as labor shortages, shipping delays, and production bottlenecks, have further exacerbated the situation, leading to shortages of essential goods and materials.

To address these challenges, the Biden administration has formed the Supply Chain Resilience Council, a multi-agency task force focused on identifying and rectifying supply chain vulnerabilities. The Council aims to strengthen the resilience of critical supply chains, improve coordination among government agencies, and work with the private sector to address supply chain disruptions.

In his speech, President Biden underscored the importance of fair pricing and equitable access to goods and services for American consumers. He warned companies against engaging in price gouging and emphasized the need for transparency and accountability in pricing practices. The President’s message serves as a clear signal to businesses that the administration is committed to combating unjust price increases and ensuring that consumers are protected from unfair business practices.

Furthermore, the President’s warning serves as a reminder of the administration’s determination to address the root causes of inflation and supply chain disruptions. By taking a firm stance against price gouging, the Biden administration aims to safeguard the economic well-being of American households and reinforce consumer confidence in the marketplace.

The Supply Chain Resilience Council, along with the President’s warning against price gouging, reflects a concerted effort to address the economic challenges facing the US. By prioritizing supply chain resilience and consumer protection, the administration aims to stabilize the economy and ensure equitable access to goods and services for all Americans. As the country works to recover from the impact of the pandemic, these initiatives underscore a commitment to strengthening the nation’s economic resiliency and promoting a fair and transparent marketplace for consumers and businesses alike.