I've hauled Big Pharma and PBM executives before the Finance Committee.
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Today, three PBMs control 80 percent of the market. We must do something about powerful middlemen to lower drug costs for consumers.
Our bill has guardrails. It does not give FTC any new power or regulatory authority.
I have long had concerns with the FTC's vague statutory authority, but at this moment, we cannot ignore the current state of affairs at the FTC.
The Cantwell-Grassley PBM transparency bill directs the FTC to end well-known and documented PBM practices that drive up consumer price.
I believe, like Senator Cruz just said, that the consumer ought to be the point of everything that we are trying to accomplish.
I'll flag one other concern for the bill. It would pre-judge the results of the FTC's current study on the economic effects of PBMs.
I worked at the FTC, and I can tell you that with the Agency's overreach and activism, which will no doubt be difficult to sustain in court, it is no surprise that FTC staff morale has dramatically dropped.
The Cantwell-Grassley PBM Transparency Act directs the FTC to end well-known and documented PBM practices that drive up consumer costs.
PBMs will claim they pass on savings to consumers or through lowering premiums, but their spread pricing and clawback tactics prove otherwise.
I hope this committee will have the same success voting this bill out.
It is shocking that a commissioner would choose to resign rather than watch an agency's bipartisan tradition crumble in front of her eyes.
Improved information sharing between CBP and its private-sector partners would aid efforts to identify and curtail the sale of counterfeit imports.
Namely, and most pressing of which, is fentanyl--which is coming from China and destroying our communities.
Knockoffs not only violate intellectual property rights; they also threaten the economy and consumer safety.
It's also important to hold online service providers accountable in keeping our children safe.
Congress has and will continue to play a crucial role.