Tina Smith: “I rise today with Senator Dorgan to introduce the FTC Reauthorization Act of 2005. As the chairman of the Subcommittee…”

“I rise today with Senator Dorgan to introduce the FTC Reauthorization Act of 2005. As the chairman of the Subcommittee on Trade, Tourism, and Economic Development, I am pleased to have Senator Dorgan, the ranking member of the subcommittee join me to introduce this important bill. Our subcommittee has jurisdiction over the Federal Trade Commission and its missions and this legislation would reauthorize the FTC from fiscal year 2006 through 2010. The FTC reauthorization bill is important for the FTC to carry out its critical mission of preventing unfair competition and protecting consumers from unfair or deceptive acts or practices in the marketplace. The responsibility to protect consumers is quite broad and includes a wide array of deception and unfair business practices, including price fixing, telemarketing fraud, Internet scams, and consumer identity theft. As a product of its responsibilities, the FTC plays a vital role in maintaining integrity in the marketplace and strengthening our economy. This legislation authorizes appropriations to fund the FTC's operations including moneys for efforts to secure data privacy and to combat spyware and identity theft. These are areas that have posed an increased threat to consumers recently, affecting millions of consumers with a pricetag to society in the billions of dollars.…”