The House Commerce, Manufacturing and Trade Subcommittee launched a review of the Federal Trade Commission on Tuesday to identify reforms that will allow the agency to better protect consumers.
Rep. Fred Upton (R-Mich.), who chairs the full House Energy and Commerce Committee, said the FTC’s responsibilities are vast, and it is important to review the impact of its policies on job creation and the economy.
“From the smallest independent corner store to the largest industry, from online data collection to multi-million dollar merger reviews, the FTC is charged with ensuring industry players play fair, competition thrives and that consumers enjoy the fruits of that competition as well as protection from fraudsters,” Upton said. “Of course, with such great power comes equal concern about the appropriate use of that power and potential consequences for job creation and economic growth.”
Commerce, Manufacturing and Trade Subcommittee Chairman Rep. Lee Terry (R-Neb.) said the mission, operating budget and statutory authority of the FTC will be reviewed to identify needed reforms.
“We all have a stake in the FTC’s current mission to promote consumer welfare by ensuring that business practices in the United States are fair and transparent – while also addressing any market collusion or anti-competitive activity that could unfairly fix prices at a higher level than the market would otherwise demand,” Terry said. “However, like all entities in the government, prioritization of goals is critical. Not only are the FTC’s resources finite, but also the sheer breadth of the FTC’s jurisdiction makes it necessary.”
FTC Chairwoman Edith Ramirez testified before the committee on Tuesday regarding the agency’s recent priorities and tasks.
“In recent years, the FTC has emphasized protecting financially distressed consumers from fraud, stopping harmful uses of technology, protecting consumer privacy and data security, prosecuting false or deceptive health claims and safeguarding children in the marketplace,” Ramirez said.