WASHINGTON, D.C. - The U.S. Senate Committee on Commerce, Science, and Transportation held a Consumer Protection, Product Safety, and Insurance Subcommittee hearing today on Financial Services and Products: The Role of the Federal Trade Commission in Protecting Consumers, Part II.

Witness List: 

Panel I

The Honorable Thomas Rosch, Commissioner, the Federal Trade Commission

Panel II

Mr. Edmund Mierzwinski, Director, Consumer Program, U.S. PIRG, The Federation of State Public Interest Research Groups

The Honorable Timothy Muris, Former Chairman of the Federal Trade Commission and Foundation Professor, George Mason University School of Law, and Of Counsel, O’Melveny & Myers LLP

Ms. Dee Pridgen, Associate Dean and Professor of Law, University of Wyoming College of Law

Ms. Linda A. Woolley, Executive Vice President, Government Affairs, the Direct Marketing Association

Key Quotations from Today’s Hearing:

“With family budgets stretched thin, foreclosures up and unemployment still sky-high, unscrupulous business practices continue to target consumers directly when they can least afford it. The American people need to know there is someone out there they can trust to stand up against those bad actors. Only the FTC has the experience and expertise to regulate consumer protection across a broad swath of the U.S. economy.”

Chairman John D. (Jay) Rockefeller IV

“In this tough economic environment, Americans are repeatedly targeted by fraudulent or unscrupulous actors seeking to exploit their vulnerabilities. It is the FTC’s responsibility to fight these scams and protect consumers from deception, and I want to make sure that the agency has the authority it needs to do just that.”

Senator Mark Pryor, Chairman, U.S. Senate Subcommittee on Consumer Protection, Product Safety, and Insurance

“Rules fleshing out this broad statute [Section 5] are good for both consumers and the industry. They describe with specificity what the ‘rules of the road’ are. Take for example, the Franchise Rule and the Funeral Rule. They inform businesses about the particular information they must provide to consumers during their transactions, and the ways in which to provide it, in order to prevent deception. As such, they’ve been very helpful in improving the marketplace.”

The Honorable Thomas Rosch, Commissioner, the Federal Trade Commission

“It is time to modernize the FTC’s authorities so that it can respond to new threats to consumers and communities. Some of these threats – foreclosure relief and debt settlement scams and other frauds – are on the rise because the federal bank regulators allowed unsafe and unsustainable practices that led first to the failure of the financial system and then to the collapse of the economy. The FTC can play a critical role in protecting consumers from its aftermath and ensuring that it won’t happen again.”

Mr. Edmund Mierzwinski, Director, Consumer Program, U.S. PIRG, The Federation of State Public Interest Research Groups

“As a nation, we use markets to organize and drive our economy. We derive vast economic benefits from these markets and the competition that helps markets function properly. These benefits should not be taken for granted; they are not immutable. The nation’s consumer protection policy can profoundly enhance these benefits by protecting the market.”

The Honorable Timothy Muris, Former Chairman of the Federal Trade Commission and Foundation Professor, George Mason University School of Law, and Of Counsel, O’Melveny & Myers LLP

“I fully support what the FTC and Congress are doing to help protect vulnerable consumers during this time of financial trouble for the average person. I also support the idea that Congress take this opportunity to enhance the FTC’s enforcement tools so that they can do an even better job of protecting the public interest.”

Ms. Dee Pridgen, Associate Dean and Professor of Law, University of Wyoming College of Law

“While we may not agree on every policy or legal matter affecting the marketing community, the DMA views the FTC as an essential partner in promoting reputable business practices and in protecting consumers from a small minority of companies that deceive consumers and, thus, negatively impact the image of responsible businesses.”

Ms. Linda A. Woolley, Executive Vice President, Government Affairs, the Direct Marketing Association

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