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FTC chairman Simons to step down this month

FTC chairman Simons to step down this month
© Greg Nash

Federal Trade Commission (FTC) Chairman Joseph Simons said Tuesday he would be resigning from the government agency later this month.

Simons said his resignation, announced a day before President-elect Joe BidenJoe BidenExpanding child tax credit could lift 4 million children out of poverty: analysis Maria Bartiromo defends reporting: 'Keep trashing me, I'll keep telling the truth' The Memo: The center strikes back MORE’s inauguration, will be effective Jan. 29. 

“It’s been a great honor to lead this incredible organization filled with so many talented people working on behalf of American consumers,” Simons said in a statement. “As technology and our economy continue to evolve through the digital age, the FTC’s staff work tirelessly so that consumers continue to benefit from a fair and competitive marketplace. It’s been a privilege to be part of that effort.”

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In his resignation announcement, Simons also said eight members of senior staff would be departing. 

Simons, a Republican, did not detail the reason for his departure, but the FTC chief typically steps down when a new administration begins. 

Simons was sworn in as chairman of the FTC in May 2018, in the middle of the FTC’s data privacy investigation into Facebook. The investigation ultimately led to a $5 billion fine for Facebook

The FTC last month, along with 46 attorneys general, filed a lawsuit against Facebook accusing the social media giant of anti-competitive acquisitions. Simons voted with the commission’s two Democrats to proceed with the lawsuit, while the other two GOP commissioners voted against it.

The FTC is also involved in an antitrust investigation of the e-commerce giant Amazon. 

Along with replacing Simons at the FTC, Biden will need to fill a spot on the five-member board that was held by Democratic commissioner Rohit ChopraRohit ChopraWarren presses Yellen to ramp up BlackRock oversight FTC eyes new approach to pharmaceutical mergers Senate panel advances Biden's picks to lead SEC, consumer bureau MORE. Biden’s transition team on Sunday announced the president-elect is nominating Chopra to lead the Consumer Financial Protection Bureau (CFPB).