1. Short title This Act may be cited as the Shrinkflation Prevention Act of 2024 . 2. Findings Congress finds the following: (1) According to the Bureau of Economic Analysis, from the third quarter of 2020 to the second quarter of 2022, corporate profits rose by 75 percent, and Federal Reserve research found that 42 percent of inflation over that same time period went toward greater corporate profits. (2) Shrinkflation, or product downsizing, occurs when a company decreases the amount or size of a consumer product and charges the same price, or a higher price, for such smaller product. (3) Companies seek to deceive consumers when they practice shrinkflation without clearly disclosing the size change and per unit price increase of a product. (4) According to the Bureau of Labor Statistics, roughly 10 percent of inflation in some consumer product categories is driven by shrinkflation. (5) Deceptive shrinkflation tactics allow companies to profit off unaware consumers, as academic research shows that consumers are less sensitive to changes in product size than to changes in price. (6) Shrinkflation is disrupting the ability of families in the United States to save money. 3. Prohibition of shrinkflation (a) Definition of shrinkflation (1) In general In this Act, the term shrinkflation means the practice of downsizing, or reducing the amount or size of a consumer product (as defined in section 101 of the Magnuson-Moss Warranty—Federal Trade Commission Improvement Act ( 15 U.S.C. 2301 )) while not decreasing the price of such product by a commensurate amount. (2) Modifications The Federal Trade Commission (in this section referred to as the Commission ) may promulgate regulations under section 553 of title 5, United States Code, to modify the definition in paragraph (1) as the Commission considers appropriate. (b) Prohibition Not later than 18 months after the date of enactment of this Act, the Commission shall promulgate regulations under section 553 of title 5, United States Code, to prohibit any manufacturer from