Former Secretary of State Mike Pompeo criticizes President Biden’s prescription drug price plan, arguing it will only benefit the government and Big Pharma while raising costs for families. He specifically targets the Federal Trade Commission’s (FTC) proposed regulations on pharmacy benefit managers (PBMs), arguing they will harm patients by increasing drug prices and weakening the free market.
The Federal Trade Commission (FTC) under Chairwoman Lina Khan is engaged in a relentless campaign to suppress American tech companies in favor of international competitors. This campaign involves colluding with foreign governments to impose harsh regulations and penalties on American businesses, which has detrimental impacts on US economic and national security. Despite citing past regulatory actions as justification for her policies, Khan ignores the unique nature of digital technology innovation. She falsely claims that large tech companies stifle innovation, when in reality they are key drivers of progress and set safety and privacy standards. The FTC’s actions also fail to address national security concerns and could harm the US in the strategic competition with China. Over-regulating artificial intelligence (AI) could hinder US AI providers and allow China to overtake the US in this critical domain.
The Federal Trade Commission (FTC) has imposed a $1.1 million fine on Razer for falsely claiming that its Zephyr mask met N95 standards. The FTC alleges that Razer misled consumers by marketing the mask as an equivalent to certified N95 respirators during the COVID-19 pandemic. Razer disputes the FTC’s allegations and maintains that it never intended to mislead customers. The company has since ended sales of the Zephyr and refunded customers.
The Federal Trade Commission (FTC) has challenged hundreds of alleged “junk” patents held by pharmaceutical companies for 20 brand-name drugs, including Novo Nordisk’s blockbuster drugs Ozempic, Saxenda, and Victoza. The FTC warned 10 companies that certain drug patents were improperly listed, including Novo Nordisk, AstraZeneca, Boehringer Ingelheim, Covis Pharma, GlaxoSmithKline, Novartis, Teva Pharmaceuticals, and Amphastar Pharmaceuticals. The FTC argues that drugmakers are needlessly listing dozens of extra patents for branded medications to keep their drug prices high and stall generic competitors from entering the U.S. market. The FTC Chair Lina Khan said that filing bogus patent listings blocks competition and inflates the cost of prescription drugs, forcing Americans to pay high prices for medicines they rely on.
The Biden administration has rolled out over a dozen new initiatives and rules in a frantic attempt to boost its chances in the upcoming midterm elections. According to a new CNN poll, Trump is leading the president by six points, one of the biggest gaps yet. The survey also shows Trump inching ahead in several critical swing states.
The Biden administration’s flurry of activity includes new FTC rules that ban non-compete agreements, a re-write of Title IX, EEOC charges of racism against a company for avoiding hiring criminals, and more federal help on student loans.
Critics say the White House is panicked and that its policies are not well-thought-out. The Trump administration employed a similar strategy in its final months, ditching several policies rolled out late in President Obama’s second term. Biden returned the favor when he came to office.
The Federal Trade Commission (FTC) has issued refunds totaling over $5.6 million to more than 117,000 Ring users as part of a settlement with the company over alleged privacy violations. The refunds stem from allegations that Ring allowed unauthorized access to customers’ video feeds and failed to implement adequate security measures against hackers.
Tapestry’s proposed $57 per share acquisition of Capri Holdings has encountered opposition from the Federal Trade Commission (FTC), raising concerns about potential antitrust violations. The FTC argues that the merger would result in Tapestry’s dominance in the “accessible luxury” handbag market and negatively impact employees. However, Tapestry disputes these claims, maintaining that the market is competitive and the deal would not harm consumers or workers. The case is expected to proceed to court, with a judge assigned to oversee the proceedings. The outcome of the trial is uncertain, but analysts believe there is a 60% chance that the deal will be approved. Capri’s stock price currently reflects a 29% likelihood of a legal victory, offering potential investment opportunities with an estimated return of 22% if the merger is successful.
The Federal Trade Commission has implemented a ban on noncompete agreements for a significant percentage of the U.S. workforce, a groundbreaking move that advocates say will empower workers and turbocharge economic growth. This ban, which was met with staunch opposition from the U.S. Chamber of Commerce and several business groups, has already sparked a legal showdown that will likely test the FTC’s authority. Noncompete clauses, a prevalent practice for decades, have restricted employees’ ability to shift employers within their industries or launch competing ventures, effectively stifling competition and depressing wages. The FTC’s ban, which takes effect in 120 days, aims to liberate an estimated 30 million workers from the shackles of noncompete agreements, providing them with newfound freedom to pursue better opportunities and stimulating job creation. This transformative rule is anticipated to boost average worker earnings by $524 annually, a testament to its potential impact.
Business groups led by the U.S. Chamber of Commerce have filed a lawsuit against the Federal Trade Commission (FTC) over its decision to ban noncompete agreements. The FTC voted 3-2 Tuesday to pass the rule blocking new noncompete agreements, arguing that it will allow millions of workers to change jobs within their industry and earn more money. Business groups, however, say noncompete agreements are necessary to protect intellectual property and accuse the FTC of regulatory overreach. The new rule was supposed to go into effect in 120 days, but the lawsuit will extend that timeline.
Four business organizations, including the U.S. Chamber of Commerce, have filed lawsuits in the Eastern District of Texas challenging the Federal Trade Commission’s (FTC) recently-enacted noncompete ban. The plaintiffs argue that the rule will harm their members, who rely on noncompete agreements to protect their businesses. The Eastern District of Texas has been a popular venue for lawsuits challenging the Biden administration’s health care policies, including a surprise billing ban that was struck down in the district last year.
