January 26, 2022

Neguse-Buck Consumer Protection Proposal Included in America COMPETES Act

The proposal is one of many bipartisan efforts to lower costs and address supply chain issues being advanced in the House

Washington D.C.— Today, Congressman Joe Neguse announced that his proposal to ensure antitrust authorities have the necessary resources to protect consumers has been incorporated into the America COMPETES Act, comprehensive legislation the House is poised to consider to address supply chain issues and rising costs. 

The America COMPETES Act of 2022 includes a historic investment to surge production of American-made semiconductors, tackle supply chain vulnerabilities to make more goods in America, turbocharge America’s scientific research and technological leadership, and strengthen America’s economic and national security at home and abroad. The legislation reflects bipartisan work across committees: its major components include many bills that have already passed the House by strong bipartisan votes or with bipartisan cosponsors.  

“In America, competition is central to economic growth and innovation, and when companies engage in anti-competitive tactics it harms consumers, entrepreneurs and our ability to compete globally. As the House unveils comprehensive legislation to address rising costs, tackle supply chain issues and advance chip production, I am proud to see my proposal included to advance antitrust enforcement and protect consumers,” said Congressman Joe Neguse. “As a former regulator and leader of Colorado’s consumer protection agency, I know how critical it is for our enforcement agencies to have the necessary resources to do their job. That is why I proposed the Merger Filing Fee Modernization Act, bipartisan legislation which will update merger filing fees for the first time in over a decade, ensuring that parties to larger mergers pay their fair share and consumers don’t have to foot the bill for these necessary and long-overdue increases to antitrust agency enforcement budgets. Congress has a vital role to play to ensure that markets are working in a way that benefits consumers, small businesses, innovation and our democracy.”

Congressman Neguse’s bill, Merger Filing Fee Modernization Act would update merger filing fees for the first time since 2001, lower the burden on small and medium-sized businesses, ensure larger deals bring in more income, and raise enough revenue so that taxpayer dollars aren’t required to fund necessary increases to agency enforcement budgets. To ensure this legislation is a permanent solution to the outdated fee structure and not a one-time fix, the filing fees will be linked to increases in the Producer Price Index going forward. The legislation is cosponsored by House Judiciary Chairman Jerrold Nadler (D-NY), Representatives Ken Buck (R-CO), Victoria Spartz (R-IN), David Cicilline (D-RI), and Chip Roy (R-TX).

Background:

Following his tenure as the Director of Colorado’s Department of Regulatory Agencies, Congressman Neguse has put advancing consumer protection at the center of his legislative agenda in Congress. In the 116th Congress, he enacted two bills into law to ensure antitrust enforcement and protect whistleblowers. As the COVID-19 pandemic has brought resounding economic impacts, Congressman Neguse has also led efforts in Congress to crack down on price gouging and predatory tactics.