As Hurricane Milton approached landfall in western Florida on Wednesday, the Biden administration warned consumers and businesses of the heightened risk of potential fraud, price gouging and collusion that accompanies major natural disasters. Federal Trade Commission chair Lina Khan said the FTC is "hearing troubling reports of price gouging for essentials that are necessary for people to get out of harm's way — from hotels to groceries to gas." "Companies are on notice: do not use the hurricane as an excuse to exploit people through illegal behavior," said Manish Kumar, a deputy assistant attorney general in the Justice Department's Antitrust Division. Most states have laws intended to curb price gouging, with many of these restrictions tied to declared states of emergency. Several major airlines and retailers have told CNBC in recent days that they froze prices in advance of the storm.

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Persons: Hurricane Milton, Biden, Ronald C, Gathe Jr, Lina Khan, Patrick De Haan, Manish Kumar Organizations: Hurricane, U.S, Middle, Federal Trade Commission, Justice Department's Antitrust, CNBC Locations: Florida, Middle District, Louisiana