Senate Hearing: Nominees Grilled on FTC Authority, PBMs, and Tech Policy

FTC Authority and Consumer Refunds

• 💡 Nominee Mark Meador agreed on the importance of 13B for consumers, emphasizing the FTC's role in returning money to those harmed by unfair practices.
• 🎯 Meador stated he is ready to consult and assist Congress in finding ways to restore the FTC's authority for consumer refunds.
• 💰 He believes refunds are a valuable tool, though their application is fact-specific and depends on the case.

PBMs and Anti-Manipulation Authority

• 🔍 Meador acknowledged familiar concerns regarding Pharmacy Benefit Managers (PBMs) and expressed interest in the 6B study before forming definitive opinions.
• ⚖️ He indicated a willingness to consult on legislative solutions for PBMs, particularly concerning practices like spread pricing and clawbacks.
• 📈 The discussion touched upon anti-manipulation authority granted to other agencies like FERC and CFTC, with a focus on understanding current market dynamics before enacting new regulations.

Technology, Test Beds, and Spectrum

• 🚀 Nominee Michael Krastios highlighted the vital role of test beds in advancing technologies like aviation and quantum computing.
• 🔬 He emphasized the importance of leveraging agencies like NSF and DOE for their experience in funding and organizing user facilities for test beds.
• 🌐 Krastios believes OSTP should relay the importance of the scientific and technological community to the President's decision-making process.
• 📡 He agreed on the need for advanced spectrum testing to maintain US leadership in emerging technologies, drawing parallels to 5G test beds on military facilities.