It's Time For The FTC To Stop Fighting Our Leading Companies and Start Fighting Fraudsters

The U.S. Federal Trade Commission (FTC) recently divulged shocking figures: Americans took a hit of over $10 billion lost to fraud in 2023, a whopping 14% spike from the year before, and the highest fraud losses in the agency's history. It's a situation that demands a sharp look at the FTC's focus, particularly given the widespread consequences of consumer fraud on the vulnerable, such as the poor and elderly.?

Fraud doesn't just bring financial ruin, homelessness, and bankruptcy; it also undercuts honest American entrepreneurs and businesses. The FTC itself admitted in a 2023 blog post that money snatched by fraudsters means "less for consumers to spend on goods and services offered by honest businesses." The problem only gets worse in times of record-high inflation, adding another layer of economic trouble for Americans already facing sticker shock?

?Now, with fraud on the rise, the big question is: Why is the FTC fumbling its efforts to tackle this mess? One reason could be the misdirection of resources towards heavy-handed and legally shaky moves against popular American companies, all fueled by an ideology that sees big companies as troublemakers.?

?FTC Chair Lina Khan's stint has seen the Commission dive into resource-guzzling antitrust lawsuits and merger challenges, claiming it's all for the good of "America's dynamic, thriving economy." But recent stumbles, like FTC’s opposition to Amazon’s deal to acquire iRobot, leading to mass layoffs at the maker of the iconic Roomba, highlight how these efforts often end up costing jobs and limiting choices for consumers.?

?Last year, the Consumer Technology Association sent a letter to House and Senate leaders outlining the FTC's wasteful use of taxpayer dollars, with millions blown on failed merger challenges. But the mismanagement outlined in our letter is only the tip of the iceberg. ?The FTC's budget also funded a staffer joyride to Europe, supposedly to lend a hand to EU regulators going after American companies. That sounds an awful lot like American taxpayer cash being used against American economic interests.?

?Consumer protection is playing second fiddle to the FTC's ideological war on American businesses, putting a damper on innovation and gumming up the works for acquisitions. To steer back to its core mission, the FTC needs to rethink its game plan. Funneling resources away from ideological legal battles and rulemaking, and back to tackling consumer fraud head-on, is a no-brainer move. ?

?While the FTC’s recent rules targeting impersonation fraud are a welcome step in the right direction, the FTC's simultaneous itch to break up America’s most popular companies continues to ring alarm bells. This costly obsession with taking down successful businesses leaves U.S. consumers exposed and jeopardizes their defense against fraud, scams, and disreputable actors.?

?It's time for the FTC to prioritize consumer protection, ditch the ideological agenda and focus on shielding Americans from the havoc of fraud. Our nation's most vulnerable citizens deserve no less.?