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Biden Says He’s Directed Financial Aides to Give attention to Power Prices By Bloomberg

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© Bloomberg. U.S. President Joe Biden speaks on the passage of the Bipartisan Infrastructure Deal within the State Eating Room of the White Home in Washington, D.C., U.S., on Saturday, Nov. 6, 2021. The Home on Friday handed the largest U.S. infrastructure package deal in many years, marking a victory for President Biden and unleashing $550 billion of recent spending on roads, bridges, public transit and different initiatives in coming years.

(Bloomberg) — President Joe Biden stated he’s directed his prime financial aides to concentrate on lowering power costs, which he blamed for accelerating U.S. inflation.

“Inflation hurts Individuals pocketbooks, and reversing this pattern is a prime precedence for me,” Biden stated in a press release after the patron value index rose in October on the quickest annual tempo since 1990.

“The biggest share of the rise in costs on this report is because of rising power prices,” Biden stated, although he famous that costs have fallen since knowledge for the October report had been collected.

“I’ve directed my Nationwide Financial Council to pursue means to attempt to additional scale back these prices, and have requested the Federal Commerce Fee to strike again at any market manipulation or value gouging on this sector.”

 

©2021 Bloomberg L.P.

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