Fri. Jul 12th, 2024
Commission Testifies before House Energy and Commerce Subcommittee on Innovation, Data and Commerce
Commission Testifies before House Energy and Commerce Subcommittee on Innovation, Data and Commerce

The Federal Trade Commission today testified before the House Energy and Commerce Subcommittee on Innovation, Data and Commerce on the agency’s fiscal year 2025 budget and work to promote competition and protect consumers.

In her testimony FTC Chair Lina M. Khan discussed the FTC’s work to protect privacy and data security; fight fraud, junk fees, and related harms affecting consumers; combat opioid recovery fraud and other health fraud; stand up for all consumers, including older adults, servicemembers, and historically underserved communities; and ensure that domestic manufacturers, independent repairers, and other small businesses have a chance to compete fairly.

On the competition side, Chair Khan highlighted the FTC’s recent rule to ban noncompete clauses in employment contracts, which the Commission estimates affect one in five U.S. workers. Chair Khan highlighted the fact that the vast majority of public comments submitted by Americans were in support of the FTC’s rule. She also discussed the Commission’s work to prevent unlawful consolidation and to identify and stop anticompetitive conduct.

While describing some of the agency’s many accomplishments, she noted that the FTC’s work requires resources and highlighted the value the agency provides to the American people. In FY 2023, every $1 of the FTC’s costs returned an estimated $14 in benefits to Americans through the Commission’s consumer protection and competition law enforcement efforts.

Chair Khan was joined at the hearing by Commissioners Rebecca Kelly Slaughter, Alvaro Bedoya, Melissa Holyoak and Andrew N. Ferguson.

Official news published at https://www.ftc.gov/news-events/news/press-releases/2024/07/commission-testifies-house-energy-commerce-subcommittee-innovation-data-commerce

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originally published at Finance - RSVTV news