Natural Products Association Urging Congressional Opposition to Expanded FTC Authority
Association calls for action as legislation moves to critical stage
Published Friday, May 21, 2010 3:00 pmWASHINGTON, DC - (May 21) On May 20, the Financial Services Reform Bill (H.R. 4173/S. 3217) passed the Senate without a controversial provision expanding the powers of the Federal Trade Commission (FTC). The bill now moves to a , where the House and Senate negotiate over the differences in their bills. The House version contains the FTC powers provision.
Today, the Natural Products Association (NPA) remobilized its membership base of more than 10,000 retail, manufacturing, wholesale and distributor locations. “We again asked our members to take action on this important issue by contacting their , urging them to focus on strengthening the stability of our economy, not regulating industries that had nothing to do with the financial crisis,” said John Gay, NPA’s CEO and executive director. “At a time when businesses are struggling to both survive and create new jobs, adding burdensome new regulations and ceding more authority over our members’ businesses to the FTC is just what the economy does not need.”
The FTC powers provision received very little attention during a legislative process largely overshadowed by debate on such topics as derivative regulation and the creation of a Consumer Financial Protection Agency. A proposal for Congress to delegate such sweeping new deserves more thorough deliberation.
“NPA members responded strongly to the first call to urge Senators to oppose any FTC powers amendment while they were considering the legislation, and I think they can take some credit for keeping the provision off the Senate bill,” said Gay. “Now we need to carry that message to both the House and Senate as they seek to iron out the differences between their versions of the legislation.”
Those seeking to contact their members of Congress should go to www.NPAinfo.org