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Argentina Says It’s No Venezuela as Price Cap Law Debated

A price fixing law under debate in Argentina’s Congress will be used sparingly to protect consumers and won’t track similar legislation in Venezuela that has led to widespread shortages, the nation’s commerce secretary said.

The senate voted 38 to 27 in favor of the bill last night. The law, which must now be approved by the lower house, will allow the government to limit profit margins and set price ranges as well as establish minimum production levels. A new agency will be created to monitor prices.