Political Quotes

“Mr. Chairman, this amendment would prohibit the FTC from bringing cases under Section 5 that deviate from traditional antitrust statutes commonly known as the Sherman Act and the Clayton Act. Since the start of the administration, the FTC has taken several steps that stray from traditional procedures and norms while pushing the limit on statutory bounds Congress had already placed in this area. The FTC act does not define ``unfair methods of competition.'' In 2015, the FTC issued the statement of enforcement principles that clarified the priority of consumer welfare in the application of the antitrust laws through the FTC Act. In particular, it has confined its Section 5 cases to conduct that diminishes consumer welfare by harming competition or the competitive process as opposed to conduct that merely harms individual competitors or poses public policy concerns unrelated to competition. The 2015 statement was replaced by an ambiguous new statement in November of 2022 that causes confusion and strays from the rule of law. Rather than promoting competition, the FTC is imposing more costs on businesses, driving up prices for consumers that simply pile onto inflation. If the FTC and the unaccountable bureaucrats at other agencies such as the FDIC continue to stray from the rule of law, Americans will face higher prices, less innovation, and reductions in quality as these agencies seek unchecked authority to regulate and micromanage the American economy.…”