Industry groups celebrate lack of FTC expansion in financial reform compromise

Share this content:

House and Senate members approved a compromise version of financial reform legislation that does not significantly expand the Federal Trade Commission's powers on June 25. The Direct Marketing Association and a coalition of more than 40 other industry groups had lobbied against any FTC power expansion as part of the Restoring American Financial Stability Act.  

Lawmakers accepted the Senate bill's language on the FTC, which did not give the agency broad new rulemaking and enforcement authority. The House version of the bill would have broadened the FTC's rulemaking and enforcement authority. 

“This would've dramatically changed how the FTC operates,” said Linda Woolley, EVP for government affairs at the DMA. “It would have basically given the FTC jurisdiction over the whole US economy.”

The combined version of the bill must be approved by both congressional bodies separately and signed by President Barack Obama before it takes effect.

The FTC seemed to reference the House support for expansion of powers in its statement regarding the latest decision.

“Although we didn't get more effective rulemaking and other tools we sought, we are gratified that there is such strong and growing support in both chambers for the FTC and removing the laborious procedural hurdles we face,” said Cecelia Prewett, spokeswoman for the FTC, in an e-mailed statement.

The industry groups previously wrote a letter to Senate Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) opposing any significant expansion of the FTC's rulemaking and enforcement authority in financial reform. The trade associations emphasized that FTC power expansion should be debated separately from financial reform.  

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above