Federal Trade Commission (FTC) Chair Lina M. Khan testified before the House Appropriations Subcommittee on Financial Services and General Government today, discussing the agency's FY 2025 budget request and its ongoing work to promote open, competitive markets while protecting American consumers and businesses from fraud.
In her testimony, Chair Khan detailed how the FTC is utilizing its current funding and emphasized the value it provides to the American people. She noted that in FY 2023, every $1 of the FTC’s costs returned an estimated $14 in benefits to American consumers through its consumer protection and competition law enforcement efforts.
The FTC serves as the nation’s primary consumer protection agency, fighting against fraud, junk fees, and related harms affecting consumers. It also combats opioid recovery fraud and other health frauds; advocates for all consumers, including older adults, servicemembers, and historically underserved communities; protects privacy and data security; and ensures that domestic manufacturers, independent repairers, and other small businesses have a fair chance to compete. On the competition side, the agency has prioritized its limited resources to target the root causes of anticompetitive conduct and tackle significant harms across markets caused by dominant firms whose business practices affect many Americans.
For FY 2025, the Commission has requested a budget of $535 million. This increase would help fund mandatory FY 2024 pay increases and anticipated FY 2025 inflationary non-pay expenses. It would also support critical IT investments needed for the Commission to continue its enforcement work in an era of big data.
The Federal Trade Commission works diligently to promote competition while protecting and educating consumers. The FTC does not demand money or make threats; nor does it instruct individuals to transfer money or promise prizes. Consumers can learn more about various topics and report scams, frauds, or bad business practices online at ReportFraud.ftc.gov. For up-to-date FTC news and resources, follow their social media accounts, read their blogs, and subscribe to press releases.
