Senate Majority Leader Harry Reid, D-Nev., has scheduled a vote for Monday, April 26 to begin consideration of financial reform legislation. The House passed version of the bill grants sweeping new rulemaking authority to the Federal Trade Commission. AAF recently warned members of the dangers of these new powers. That alert can be read here.
As of this writing, the Senate bill does not include the FTC language. However, Senate Commerce Committee Chairman Rockefeller recently said, "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. 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 has written to Senators urging them to include the House language in the bill. AAF and many other allied associations have written to Senate leadership urging them not to use financial reform to grant the FTC broad powers that extend far beyond financial issues. That letter can be found here. AAF and many of those same groups took out an ad in the Capitol Hill newspaper Roll Call to spread the same message.