This hearing will allow us to look forward a bit, to see what may be just over the horizon and how the federal agency charged with consumer protection plans to confront them.  So I am pleased, as well, to welcome our distinguished guest, Federal Trade Commission Chairman Tim Muris.  

Given its general statutory authority to protect consumers from unfair or deceptive acts or practices, the FTC serves as consumers' principal federal guardian in the marketplace.  From its policing of Internet fraud to generic drugs, to gas prices, the FTC helps to ensure the competition and honest dealing that is necessary for markets to thrive.  And as the former head of the Bureau of Consumer Protection, Chairman Muris - I am sure - fully understands the scope of the public trust he now holds.   

Over the past few years, the FTC has also made its mark on the Internet age, as the body in charge of approving mega-mergers, such as the union of AOL and Time Warner, of establishing online anti-fraud guidelines, and providing safeguards to protect the Internet users' personal information.   The future, doubtless, will contain many of the same debates. 

Privacy, for instance, is one issue that has been actively debated in this Subcommittee and I look forward to more discussion on that front this morning.  I commend Chairman Muris for his thoughtful examination of this complex issue, as demonstrated by his recent speech in Cleveland, which focused on rededicating the FTC's attention and resources to enforcement issues, specifically actions related to consumer privacy.  Chairman Muris' focus on enforcement is right on target.           

Although it is unlikely the Committee will have time to tackle the issue this year, given the shrinking session, I do see a need to explore additional legislative efforts that will help address an apparent failure in the marketplace to protect consumers' privacy.  Perhaps there are some additional tools we can provide that will bring confidence to consumers and the industry without unnecessarily interfering with good business practices.   

Finally, Chairman Muris has long argued, and I agree with him, that the Commission should evaluate the economic impact of its actions closely and make sure that any proposed action will benefit consumers.  The Commission should take aggressive law enforcement actions against fraud and deception, but take care to steer clear from cumbersome rule-makings designed to transform entire industries. Consumers benefit tremendously from free markets and competition, and I look forward to continued acknowledgement of this fact at the FTC. 

Mr. Chairman, I look forward to the discussion today, and to working with you during your term."