Including All Banking Agencies Within the Existing Regulatory Authority Under the Federal Trade Commission Act

INCLUDING ALL BANKING AGENCIES WITHIN THE EXISTING REGULATORY AUTHORITY UNDER THE FEDERAL TRADE COMMISSION ACT -- (House of Representatives - December 05, 2007)

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Mrs. CAPITO. Mr. Speaker, I yield myself such time as I may consume.

I rise in support of the bill, H.R. 3526, a bill that is intended to provide financial consumers with additional regulatory protections against unfair and deceptive trade policies. This measure, which the Financial Services Committee approved by voice vote, expands the range of financial regulators, as the chairman has just explained, with the authority to promulgate regulations that identify and restrict such practices under the Federal Trade Commission Act.

Today only the Board of Governors of the Federal Reserve, the Office of Thrift Supervision, and the National Credit Union Administration have this authority. This bill expands that list to

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include the other Federal banking regulators, namely the FDIC and the Office of the Comptroller of the Currency.

The legislation also mandates that regulations promulgated under the relevant section of the FTC Act be prescribed ``jointly by such agencies to the extent practicable,'' in consultation with the FTC. And it requires the GAO to report on the status of the regulations of the Federal banking agencies and the NCUA regarding unfair and deceptive acts.

In testimony before our committee earlier this year, the Comptroller of the Currency and the Chair of the FDIC recommended that the committee make these changes, which also are supported by consumer advocates. This bill merits our support, and I urge its adoption.

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