On March 6th, President Trump issued a proclamation declaring the week of March 2nd to be National Consumer Protection Week. While this isn't such big news, given that National Consumer Protection Week has been recognized in the United States for many years now, the President's proclamation did provide some insights into what some of his consumer protection priorities are.
Noting that "Consumer rights are a cornerstone of American freedom, a building block of the American economy, and a foundation of American success," the President said that his administration is renewing its "commitment to protecting the American consumer, upholding the right to privacy and transparency, and ensuring the American economy remains free and prosperous."
What are the specific issues on the President's mind?
First, he highlighted the importance of protecting consumers' privacy. He wrote, "Protecting Americans' transactions, personal data, and other private information is essential to their navigation of our dynamic market economy and their ability to ward off potential fraud and cyber security scams."
Second, he emphasized the importance of allowing the cryptocurrency industry to grow. He explained, "To protect consumer rights and strengthen American leadership in global digital advancement, I took immediate action to halt aggressive regulatory overreach that has stifled the growth of cryptocurrency.
Third, he advocated for greater transparency in prescription drug prices. He wrote, "I also proudly signed an Executive Order ensuring that advertisements provide accurate information about prescription drugs and do not mislead consumers about their products — a crucial step in making America healthy again."
He also reaffirmed his commitment to protecting consumers, saying, "We cannot afford to neglect the importance of an informed and protected consumer — and I will continue to ensure that every action the Federal Government takes is aligned with protecting our rights, our privacy, and our Nation."
Resources from the Federal Trade Commission about National Consumer Protection Week are available here.
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