Stock Groups

Planned U.S. Senate bill would help FTC fight deception, fraud -Breaking


© Reuters. FILEPHOTO: U.S. FILE PHOTO: U.S. Senator Maria Cantwell (D–WA) is seen at a Senate Commerce, Science and Transportation Committee meeting on Capitol Hill, Washington, U.S.A, October 6, 2021. Picture taken October 6, 2021. REUTERS/Evelyn Hockstein/File Photo

WASHINGTON (Reuters), – U.S. The Commerce Committee chair, Senator Maria Cantwell will present legislation to restore the authority lost by the Federal Trade Commission last year when it was found out that it had overstepped its bounds in combating deceit and fraud.

The law will make it simpler for the FTC (which also enforces antitrust laws) to sue misleading companies and scammers in order to recover money they stole from consumers. Cantwell’s Office released this statement Monday.

FTC has been sueing companies and fraudsters for many decades in an effort to recover illegal gains. But, in April 2021 the Supreme Court announced that it had stopped this practice by seeking out court orders in order to pay the victims.

Many business groups have complained that in the recent past, FTC had aggressively taken billions in monetary payments from companies.

“If the FTC remains disarmed of this critical authority, millions of consumers and small businesses who’ve been scammed, swindled, or locked out of competitive marketplaces will never be made whole,” Cantwell said in a statement. To support the necessity of the legislation, the senator released a report from the committee.

Cantwell’s legislation will provide relief to consumers who have been hurt because of violations of consumer protection laws, Cantwell’s office stated in a statement. The statement also stated that it would establish a 10-year limit on the duration of lawsuits.