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 FTC greater rulemaking authority, CongressDaily reported.
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-W.Va., has been working with Senate Banking Chairman Christopher Dodd, D-Conn., on possibly including such a provision in Dodd's legislation, which is expected to hit the floor next week.
"As we consider Wall Street reform and the creation of a new consumer protection entity, we must recognize the important role of a vibrant FTC," Rockefeller said in a statement. "I am working closely with Sen. Dodd and my colleagues to give the new consumer financial protection bureau and the FTC the tools they need to stop bad actors and protect Americans from fraudulent financial products and services."
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.
A long list of business groups released an ad in a Capitol Hill newspaper Thursday urging lawmakers to oppose the FTC language. They included groups ranging from the Alliance of Automobile Manufacturers to the Consumer Electronics Association to the National Retail Association. To read more, click here. (Subscription required)
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