Federal Trade Commission Chairman Jon Leibowitz urged Congress to give the FTC the tools it needs to effectively protect consumers, particularly against financial fraud, in the 21st century economy at a Senate Commerce Committee hearing yesterday
. The FTC is the top cop on the beat, but it is hard to police without adequate weapons. Specifically, Leibowitz urged Congress
to grant the FTC (1) aiding and abetting authority; (2) Administrative Procedures Act (APA) rulemaking authority; (3) civil penalty authority; and (4) independent litigating authority.
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