May 15, 2024 Press Release WASHINGTON, DC – Congressman Steny H. Hoyer (MD-05), Ranking Member of the Financial Services and General Government (FSGG) Subcommittee, delivered opening remarks today at FSGG's Budget Hearing on the Federal Trade Commission’s (FTC) Fiscal Year 2025 Request. Below is a transcript of his remarks and a link to the video: Image Click here for a link to the video. “Thank you very much, Mr. Chairman – and welcome Ms. Khan to the hearing room and thank you very much for your service to our country. Promoting competition, from my perspective, was central to some of the historic bills we enacted last Congress –from the Bipartisan Infrastructure Law to the CHIPS and Science Act to the Inflation Reduction Act. We all want competition. “Those of us who are in support of the free market know that competition is absolutely essential to keep it free and to keep it a market. We want growth and we want development, which come with it. Justice Brandeis once cautioned, however, that 'unless there be regulation of competition, its excesses will lead to the destruction of that very competition.' “That's the goal of the FTC, of course, to promote fair competition and to protect American consumers. We’ve seen the detrimental effects of anti-competitive business practice on American consumers just recently. Whether it’s the grocery store or at the pump, many families have had to contend with higher prices. “Recent inflation is largely a product of the COVID-19 pandemic, Putin’s invasion of Ukraine, and other disruptions to the global economy, but anti-competitive business tactics have also played a role. The oil cartel is a specific example of that. “Recent FTC reports have found that there has been a lot of consolidation among grocery stores and supermarket chains, which I know in my own community to be the case, which has allowed their profit margins to grow even higher than before the pandemic at the expense of the American consumer. They can charge their customers a whole lot more [when] those customers don't have anywhere else to shop. “FTC research has also found similar trends in the meatpacking industry, with monopolies driving up grocery prices to turn a larger profit. Oil and gas companies, which I mentioned, have also engaged in price gouging, raking in record profits despite many Americans struggling to afford to refill their tanks to get to schools, to get to work, and to get to recreation. “The FTC is also playing a leading role in ensuring that health care services nationwide are affordable, accessible, and of high quality by closely scrutinizing mergers, both vertical and horizontal, throughout the industry. “Although inflation continues to go down and our economy continues to outcompete our G7 peers, we need to keep working to bring down costs even further. The FTC is crucial, in my opinion, to that effort by helping promote competition. “The FTC is also vital to protecting American consumers. [FTC] rules help defend Americans against everything from scam calls to the health care data breaches. A few weeks ago, for example, the FTC issued a rule banning non-compete clauses. That means that if you’re flipping burgers for a fast-food chain, your employer can’t prevent you from going to work for another restaurant across the street if it’s offering better wages. “The FTC needs federal funding to conduct this essential work. That’s why I strongly support the FTC’s Fiscal Year 2025 request of $535 million, which is partially offset, of course, by fees. “Enforcement is a critically important effort in anything in life. If you don't have a referee on the field, people break the rules, and the game is not played fairly. That's essentially what you do. If you’re opposed to these predatory business practices – as most Americans are – then you ought to support this funding. If you believe – as I do – that capitalism depends on fair competition, as I said earlier, then work with us to fulfill the FTC's request. “Thank you again to Chair Khan for joining us, and I look forward to hearing why these resources are so crucial to the American people. Thank you, Mr. Chairman.”
