[Congressional Record Volume 168, Number 68 (Tuesday, April 26, 2022)]
[Senate]
[Pages S2135-S2136]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                       Business Before the Senate

  Mr. SCHUMER. Mr. President, as we begin this 5-week work period, 
Senate Democrats' focus will remain the same as it has been since last 
year: fighting inflation and lowering costs for American families.
  At times, we will pursue this goal through legislation, as has been 
the case with our competition bill, with legislation to reform shipping 
practices that we passed recently, or finding ways to lower 
prescription drug costs.
  And to that end, today, the Agriculture Committee is also holding a 
hearing on legislation to improve transparency in meat prices.
  In addition to legislation, Senate Democrats will also help lower 
costs by confirming the right people to serve in the Federal 
Government. On that note, we will aim today to finish the confirmation 
of Lael Brainard to serve as Vice Chair of the Federal Reserve Board of 
Governors.
  Soon, the Senate will also work to confirm another very important 
nominee: Mr. Alvaro Bedoya to serve as Commissioner of the FTC, the 
Federal Trade Commission. Of all the Agencies in the Federal 
Government, the FTC is among the best equipped for protecting Americans 
from price gougers, manipulators, and those trying to rip off American 
consumers--or at least the FTC would be, if it had full membership. 
But, sadly, the FTC has been stuck at a 2-2 deadlock for well over a 
year, rendering it incapable of executing the full breadth of its 
agenda.
  We have had two Democrats, two Republicans. The Republican nominees 
have resisted going after Big Oil and so many of the other excesses of 
corporate America. And who pays the price? In a very literal sense, it 
is American consumers as they see prices rise on everything from 
groceries to the number that pops up every time they fill up their 
tank.
  But the story is grossly different in corporate America, and an FTC 
with full membership could shine a light as to why. While Americans 
across the board are making sacrifices to support themselves and their 
families, corporate America is raking in record profits.
  As one article from Yahoo Finance summarized earlier this year, 
corporate America's 2021 profits were higher than ever.

[[Page S2136]]

  Corporate America's profits were higher than ever.
  Perhaps no sector has evoked more frustration and anger from the 
American people as the largest oil and gas companies and the prices 
they are charging.
  Last year, the top 25 oil and gas companies reported $205 billion in 
profits. Where has that money gone? To help American consumers? No way. 
To ease our energy troubles? Not at all.
  According to one news source yesterday, 28 of the largest oil and gas 
companies gave out $394 million in CEO compensation. And in the fourth 
quarter last year, stock buybacks among these companies rose by more 
than 2,000 percent--2,000 percent.
  All this extra money they are making they put in the pockets of the 
CEOs and the wealthy shareholders who dominate in the oil company 
ownership. Just think about that. Americans are paying more and more at 
the pump and struggling to afford the basics, and oil companies, which 
are seeing their highest profits in years, prefer to reward executives 
and shareholders through corporate buybacks instead of American 
families.
  Once we have an FTC with full membership, they will finally have the 
will, the means, and the power to look under the hood of America's 
energy sector and shine a much needed light on why Big Oil is pumping 
out record profits, even as consumers struggle.
  So completing the membership of the FTC will be a priority, and we 
will work to finish the confirmation process of Mr. Bedoya as soon as 
we can.