Congressman Raja Krishnamoorthi, Oversight Democrats Urge the FTC, CFPB, and DOJ to Investigate Price Increases after Trump Administration Abandons Consumer Protections

WASHINGTON – Today, Congressman Raja Krishnamoorthi (D-IL), Ranking Member of the Subcommittee on Health Care and Financial Services, joined his fellow Democrats on the Committee on Oversight and Government Reform in urging consumer protection agencies to investigate the rising costs of essential goods and services. In a letter to the heads of the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), and the Department of Justice (DOJ), the members requested the agencies fulfill their duties to protect Americans from companies that use unfair and illegal anti-competitive behavior, such as price gouging. Just weeks into his new administration, President Trump has focused its efforts to weaken consumer protection enforcement agencies, allowing corporate corruption to skyrocket and leaving hard-working Americans to foot the bill.

On the CFPB

“We write regarding your decision to cease the vital work of the Consumer Financial Protection Bureau (CFPB) and cut off the agency’s funding. The CFPB saves Americans money every day by protecting consumers from unfair, deceptive, or abusive practices by financial institutions,” wrote the Members in the letter to CFPB Acting Director Russell Vought. “We urge you to rescind your orders ceasing the CFPB’s work and to restore the CFPB to fully operational status.”

Since its inception, the agency has played a critical role in “protect[ing] consumers from unfair, deceptive, or abusive practices and tak[ing] action against companies that break the law.” As of January 30, 2025, the CFPB had brought nearly 400 enforcement actions, obtained approximately $19.7 billion in monetary compensation, principal reductions, canceled debts and other consumer relief on behalf of approximately 195 million consumers or consumer accounts, and obtained approximately $5 billion in civil penalties against financial services companies.

However, on February 3, 2025, Treasury Secretary and then-Acting Director of the CFPB, Scott Bessent, issued a directive instructing CFPB employees not to pursue any existing or new enforcement actions or investigations and to halt rulemaking and informal guidance activity. On February 8, 2025, after becoming Acting Director of the CFPB, Russell Vought broadened that order to stop the agency from monitoring large banks, predatory lenders, and other financial firms for illegal activity against consumers.   

On the FTC

The FTC also plays a vital role in protecting consumers, which the Members implored the FTC to continue during President Trump’s tenure.

“We write with concern the Trump Administration and its anti-consumer policies will undermine the critical mission of the Federal Trade Commission (FTC) as it works to protect consumers and promote competition to lower prices for American families. The FTC has significant power and authority to pursue enforcement actions against companies that deploy deceptive and unfair practices to drive up the price of essential goods and services that Americans rely on every day, such as prescription drugs, groceries, and rent,” wrote the Members in the letter to Chairman Andrew Ferguson. “We encourage the FTC to continue to take action against any company that exploits or defrauds working families and to further its work ensuring that prices remain fair and transparent.”  

Under the previous administration, the FTC took many powerful actions to protect American consumers. These actions saved the American people money, between an action leading out-of-pocket costs for inhalers to fall from $500 to $35 and a lawsuit blocking the $24.6 billion merger between Kroger and Albertsons that the FTC alleged would have needlessly raised prices on food, led to store closures, and eliminated union jobs.

On the DOJ

The Members also called upon DOJ to continue its important work protecting everyday Americans from anticompetitive conduct that leads to higher costs.

“We write with concern the Trump Administration and its anti-consumer policies will undermine the critical mission of the Department of Justice (DOJ) as it works to enforce laws that protect Americans’ health, safety and economic security,” wrote the Members in the letter to Attorney General Pamela J. Bondi. “DOJ’s Consumer Protection Branch has an enforcement mandate to investigate and prosecute entities that deploy illegal practices to drive up the price of essential goods and services that Americans rely on every day, such as prescription drugs, groceries, and rent.”

Under the previous administration, DOJ also fought to protect American consumers from abusive corporate practices. For example, DOJ investigated and prosecuted anti-competitive conduct within the prescription drug market and the poultry industry, as well as large corporate landlords alleged to have artificially inflated rental prices nationwide.

Click here to read the letter to CFPB Acting Director Russell Vought.

Click here to read the letter to FTC Chairman Andrew Ferguson.

Click here to read the letter to Attorney General Pamela J. Bondi.