Senate Passes Rockefeller Amendment to Financial Reform Bill
Amendment Restores FTC Authority over Financial Products and Services; House Bill Grants FTC New Powers
The Senate has passed the Rockefeller/Hutchison amendment to S. 3217, the financial reform legislation. The amendment would restore the FTC’s authority over the regulation of financial products and services rather than placing it solely in a new Consumer Financial Protection Board. Senator Rockefeller, in a floor statement, made it clear that this provided no enhanced power to the FTC beyond its existing authority and that the CFPB and the FTC were directed to assure that there would not be dual simultaneous regulation between the FTC and the CFPB of a particular company activity. The amendment passed on a voice vote.
The House-passed bill still contains provisions to greatly enhance the FTC’s ability to conduct rulemakings, go after aiders and abettors, and impose civil penalties for violations of the FTC Act, so we will need to work to get the House to recede to the Senate provision.
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