The Federal Trade Commission today opened a series of hearings on the big questions that will determine the priorities for the regulatory body. Under consideration are issues of consumer protection, monopoly power, corporate mergers and more. The National Taxpayers Union (NTU) issued detailed remarks to the FTC on its priorities during the open comment period, and today NTU President Pete Sepp urged the FTC to ensure sound regulatory policy and put the interests of consumers at the forefront.
Sepp said,
“Today's hearing serves as another reminder that the future of America's economy depends on many events and decisions, some of which are controllable, others not. Sitting squarely in the ‘controllable’ category are the policy choices Washington makes regarding competition and antitrust, making FTC's hearing series all the more important. A sound regulatory approach should stress the consumer welfare standard, proof of harm instead of precautionary principles, solid cost-benefit analysis, and a recognition that when private sector innovation flourishes, the public sector benefits too.”
The FTC has too frequently ignored NTU’s recommendation of a “light-touch” approach to regulatory and antitrust policy and instead has attempted to expand its regulatory powers. “Taxpayers are counting on FTC and other public officials to resist reckless, impulsive actions rooted in the ‘big is bad’ mindset,” Sepp said, “which ironically leads only to bigger, more burdensome government. Forward-thinking competition policy, anchored in past experience, can help to nurture prosperity in years to come."