Conservative GOP U.S. Sen. Josh Hawley is teaming once again with liberal Democrat U.S. Sen. Elizabeth Warren, this time to take fire-equipment manufacturers to task for monopolizing the industry.
In his role as chair of a disaster management subcommittee, Hawley last week held equipment company executives' feet to the fire over their practice of buying out small manufacturers.
Hawley contends that private-equity firms have been scooping up independent firetruck manufacturers to the point where just three companies now command 75 percent of the market.
"Your profits have grown five times over the last five years to 250 million dollars, but nobody can get their equipment," Hawley said to the executives.
Hawley also invited Warren to the subcommittee hearing, where she joined in the lambasting of the corporate bosses.
three executives on whether they would welcome a Federal Trade Commission study of industry practices.
When the executives declined to give direct answers, Warren said, "Why is it so hard for ... the industry, who is so sure you're doing a good job, to just stand up and say, 'Sure, come and study us, we've got nothing to hide?'"
Hawley and Warren said because of the dwindling competition in the market, the cost of a fire truck has risen from the range of $500,000 to $900,000, to $1 million to $2 million. And delivery times have grown from one year to as many as four years, they said.
Hawley and Warren have previously teamed up on legislation aimed at reducing prescription drug costs, protecting small pharmacies, stopping a bank merger, assisting small airlines and shielding children from online predators.
