Wed. Jul 24th, 2024
FTC Chair Testifies before House Appropriations Subcommittee

Federal Trade Commission Chair Lina M. Khan today appeared before the House Appropriations Subcommittee on Financial Services and General Government to discuss the agency’s FY 2025 budget request and ongoing work to promote open, competitive markets and protect American consumers and businesses from fraud.

In her testimony, Chair Khan detailed how the agency is using its current funding and noted the value it provides to the American people. In FY 2023, every $1 of the FTC’s costs returned an estimated $14 in benefits to American consumers through its consumer protection and competition law enforcement efforts.

As the nation’s primary consumer protection agency, the FTC works to 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; protect privacy and data security; and ensure that domestic manufacturers, independent repairers, and other small businesses have a chance to compete fairly. On the competition side, the agency has prioritized its limited resources to target the root causes of anticompetitive conduct and tackle the most significant harms across markets, particularly by dominant firms whose business practices affect many Americans.

For FY 2025, the Commission has requested $535 million. This increase would help fund mandatory FY 2024 and anticipated FY 2025 pay increases and other inflationary non-pay expenses, as well as critical IT investments needed for the Commission to continue its enforcement work in an era of big data.

Official news published at https://www.ftc.gov/news-events/news/press-releases/2024/05/ftc-chair-testifies-house-appropriations-subcommittee

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originally published at Finance - RSVTV news