Wright Testifies on FTC Legislation
On May 24, 2016, Professor Joshua D. Wright testified before the U.S. House Subcommittee on Commerce, Manufacturing, and Trade regarding several pieces of proposed legislation relating to the U.S. Federal Trade Commission (FTC).
Wright, a former FTC Commissioner, discussed the FTC’s Bureau of Economics and the importance of the independent economic analysis that the Bureau provides the Commission, stating that “[p]rioritizing independent economic analysis and its integration into its enforcement missions have been critical drivers of the FTC’s success.” He suggested that the Subcommittee add language to the Statement on Unfairness Reinforcement and Emphasis Act (the “SURE Act”), which would codify the FTC’s unfairness authority, requiring the Bureau of Economics to publish a statement of economic analysis describing the costs and benefits of the Commission’s action when it enters into consent decrees.
Professor Wright also discussed the Technological Innovation through Modernizing Enforcement Act (the “TIME Act”), which would decrease time frames for FTC consent decrees from 20 years to 8, stating the Subcommittee would benefit from a rigorous economic analysis of various sunset lengths. Finally, Professor Wright addressed the Freeing Responsible and Effective Exchanges Act (the “FREE Act”), including amendments that would facilitate Commission discussions in the case of vacancies and recusals.