This is what happens when you give inmates the keys to the asylum: Outspoken House Budget Committee member Yasser Omar plans to introduce legislation to cap prices on goods and services. Think of it as pandering to the masses as Omar sells himself as the progeny of Nasser and Ned Flanders. Lest you fear you hopped in a time machine to the 1950s, Omar reassured Al Borsa that the this is not a return to full-on state management of the economy: The measure would set a cap margins on food at 50%, while other goods would be capped at a 20% profit margin. The law would be enforced selectively when prices get out of control, he added.

Omar also called for the Consumer Protection Agency to be granted more authority to clamp down on price gouging. Longtime readers know have doubtless read or heard us muttering that nobody has ever gone broke underestimating the greed of an Egyptian retailer, but really? The CPA? These are the folks who, last we checked, thought it was a good idea to shut down trade between governorates to help with the FX crisis pre-float.

Cooler heads prevailing … for now? Cooler heads, including House Economics Committee member Amr El Gohary, have noted that price controls aren’t exactly compatible with the Ismail government’s economic program. The business community was at an uproar last month when it was announced that the Ismail cabinet had been seriously considering implementing margin caps. Multiple reports suggest that that upcoming government-sponsored legislation might enforce those caps, including provisions in the first draft of the new Investment Act, and the new Consumer Protection Act.