Okay, so Jon Leibowitz, didn’t get his wish:
The compromise version of legislation to overhaul the nation’s financial regulations does not include expanded powers for the U.S. Federal Trade Commission, a victory for business groups that had lobbied against the measure.
FTC Chairman Jon Leibowitz had pushed hard for Congress to grant the agency new authority, saying the additional powers would enhance the FTC’s ability to protect consumers and respond to financial fraud.
Business groups said the measure would have given the FTC sweeping power to govern industries and sectors that had nothing to do with the financial crisis.
Those opposing the new FTC powers included leading industry groups representing advertisers, financial-services companies, retailers and software makers.
The House-passed version of the financial bill had granted new powers to the FTC, while the Senate bill did not.
The proposal would have given the FTC broad authority to impose civil penalties and the ability to pursue companies that aid and abet unfair or deceptive trade practices. The measure also would have given the FTC independent authority to litigate civil-penalty cases in court, as well as streamlined authority to promulgate new regulations.
FTC spokeswoman Cecelia Prewett said the proposed new authorities were not included in the compromise bill. She said the bill does give the agency one new authority: enhanced oversight of car dealers.
This is just a temporary setback. Leibowitz said he won’t abandon his quest for power:
“And although we didn’t get the 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.” (Italics added)
UPDATE: Just sent the following email to our esteemed chairman:
Regarding your statement reported by Dow Jones today,
“And although we didn’t get the 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.”
Could you please elaborate on what precise “laborious procedural hurdles” you’re referring to? I assume you’re referring to the due process requirements of the United States Constitution.
If you want to ask your own questions, Leibowitz’s email is jleibowitz@ftc.gov.
{ 19 comments }
Damn, man. Tell us how you really feel.
However, I do agree the person in question is garbage.
J,
You stole my thunder! I immediately said when I read S.M.’s post: “Tell me how you ***REALLY*** feel!”
And, I also admit I feel the same!
Time to leave the Asylum, the inmates have DEFINITELY taken over.
I think you are forgetting that ALL industries in our unregulated free marker system are responsible for the financial crisis.
NOTHING could be further from the truth. The responsible party to the financial crisis is solely with the government banks. You think it’s industry because you have been educated by left wing idiots that believe government is the solution to every thing. I don’t care how benevolent you think the government is, it is nothing more than organized coercion (with guns if necessary). Printing fiat currency based on nothing but a fantasy has never failed historically to collapse the economy. It is happening this time too. If you think we’re on the road to “recovery” you’re simply wrong. (I know the media keeps talking about “recovery” but they’re LYING.) They have managed to extend the agony longer than historic precedent but they can’t stop the inevitable collapse. Quit depending on mass media for information. It is ALL biased and designed to lead you where they want you to be. Go to the library and read real economics books. Learn the different schools of economic theory. Educate yourself and question EVERYTHING you think you know.
If you think we’re in an “unregulated free market” you’re disgustingly misinformed.
Pardon my presumption, but I took Josh’s statement as ironic.
Come on guys, an attempt to expand Leviathan was thwarted today, if only by a little bit! This is cause to be happy.
Unless you’re a car dealer!!
Saying he is not a man is a tad harsh, but hate him all you want! I think hate is still legal?
Only for two minutes….
Except for hate week……
“…laborious procedural hurdles we face.”
Cognitive dissonance at its best. I wonder if he said that while writing new regulations for some sector of the economy he does have power over.
“Time to leave the Asylum,” says Cat Mike, “the inmates have DEFINITELY taken over.”
Agreed, but where to go? And I say it with all seriousness.
A few options:
(a) Bug out into the wilds and live like the bush folks in Alaska.
(b) Try to continue fighting the good fight from within, and be called a selfish loony by your co-committee members on local budget committees; pay ever-higher taxes as you denounce them; watch your small-government candidates lose and/or lie every time.
(c) Create a new country on land/sea/space that someone doesn’t already own.
Depressing.
Meant “Capt” Mike. Sorry.
I like Peter’s solution (below), but I’m too chicken.
As for (c), I think a new “country” will just lead us back into the same mess eventually. Or maybe we just “rent” Freedom?
(d) Take up arms against a sea of troubles and, by opposing, end them
(a): see http://www.dickproenneke.com/
Do-able, but not easy!
None of the above. I prefer to sit back and watch the demise of the nation/economy. After all, it is the gen-Xers and their children who will reap the life of serfdom. And as the majority of them continually vote for socialism, it is their just reward.
/ a really old guy who may not even be around for the 2012 election. I’ve had no children (that I’m aware of), so; Screw you guys – I’m going home.
Just call it what is a big government power grab and we can go on about our merry way.
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