Biz Groups Oppose Expanding FTC Power
A coalition of about 50 business groups, led by the U.S. Chamber of Commerce, is fighting the inclusion of language in financial regulatory overhaul legislation that would give the Federal Trade Commission greater rulemaking authority.
Language expanding the FTC's rulemaking authority was included in the House-passed financial regulatory bill, giving the commission power similar to other agencies' "notice and comment" rulemaking authority under the Administrative Procedure Act. Senate Commerce Chairman John (Jay) Rockefeller (D-WV) has been working with Senate Banking Chairman Christopher Dodd (D-CT) on possibly including such a provision in Dodd's legislation, which is expected to hit the floor next week. A coalition of consumer groups sent a letter to senators Thursday urging them to include the House language in the Senate financial regulatory bill. "Currently, the FTC is hindered in its ability to carry out its duties and protect consumers. It is essential for the Senate to modernize the FTC's legal and regulatory framework," said the letter, which was signed by the Center for Digital Democracy, Consumers Union, U.S. Public Interest Research Group, and others.