Federal Trade Commission Amendments

(Conference report filed in House, H. Rept. 95-1557)

Federal Trade Commission Amendments - Amends the Federal Trade Commission Act to require that the President nominate persons for the Commission who are qualified by training, education, or experience to carry out the functions of the Commission, and to ensure that the Commission is balanced with respect to talents, backgrounds, occupations, and experience of the nominees.

Directs the President to appoint one of the Commissioners to serve as Chairman of the Commission, to serve at the pleasure of the President.

Prohibits Commissioners or employees of the Commission at a GS-16 level or above from performing certain activities with intent to influence the Commission, for one year after the termination of service with the Commission, except that such restriction does not apply to any matter of a personal or individual nature.

Permits the Commission to appoint 25 additional persons to attorney, economist, special expert and outside counsel positions, who shall be subject to the prohibition of performing certain activities with intent to influence the Commission.

Provides that the appointment or removal of any officer (other than a Commissioner or the general counsel of the Commission) or employee of the Commission shall not be subject to review or approval by any officer or entity within the Executive Office of the President.

Exempts savings and loan associations from: (1) Commission regulation regarding unfair competition and deceptive practices in commerce; (2) Commission investigation; and (3) Commission reporting requirements.

Directs the Federal Home Loan Bank Board to establish a division of consumer affairs to take appropriate actions on compliants received regarding savings and loan institutions. Directs the Board to promulgate rules for such institutions which are substantially similar to rules promulgated by the Commission.

Allows review of cease and desist orders only in the court of appeals for the circuit within which the appellant resides or maintains its principal place of business or in the U.S. Court of Appeals for the District of Columbia. States that cease and desist orders of the Commission shall become final 60 days after issuance in spite of the filing of a petition for review unless such order be stayed by the Commission, an appropriate court of appeals, or the Supreme Court.

Makes any person, partnership, or corporation that fails to comply with any subpoena or order (other than a cease and desist order) issued by the Commission liable to the United States for a civil penalty of not more than $5,000 for each day that such failure continues after the 30th day of service.

Permits the Commission to bring suit against a single person or company in the district court of the United States within the jurisdiction of which such defendant resides or transacts business and against two or more persons or companies in any district court of the United States where the inquiry of the Commission is being conducted.

Enables any person, partnership, or corporation which has been served with a notice of default issued by the Commission to apply to an appropriate district court requesting a stay of the accumulation of penalties provided all necessary papers are filed within 15 days after notice of default is served. Provides that such person or company shall not be liable for such penalties until the expiration of 45 days after service. Sets forth limits on the courts' power to hold invalid or enjoin the Commission from enforcing a subpoena or order.

Sets forth venue requirements for district court enforcement of a Commission subpoena or order.

Requires the Commission to act upon a petition for the issuance, repeal, or amendment of a rule defining an unfair or deceptive act within 120 days after receipt of such petition. Stipulates that if such a peitition is denied, it shall notify the petitioner of the denial and the reasons therefore, and shall publish in the Federal Register its reasons for such denial.

Permits the Court of Appeals to review the contents and adequacy of an entire statement of basis and purposes as part of the rulemaking record taken as a whole in determining whether the Comminsion's action in promulgating the rule satisfies the required judicial review standards.

Requires the Commission to submit to the Congress any proposed final rule and specified analytical information not later than 90 calendar days before the proposed effective date.

Establishes a procedure whereby proposed Commission rules can be vetoed by approval of a joint resolution by both Houses of the Congress within such 90-day period.

Directs the Commission to conduct a study of all trade regulation rules prescribed by the Commission under the Federal Trade Commission Act which are in effect on the date of enactment of this Act. Requires that such study include economic, paperwork, and judicial impact analyses and, to the extent practicable and appropriate, recommendations for the deletion of, and for initiating rulemaking proceedings to make changes or modifications in, rules or portions of rules. Directs the Commission to submit to the Congress such report which shall be reviewed and examined by the appropriate committees of the House and Senate.

Authorizes to be appropriated to carry out the functions of the Federal Trade Commission $65,000,000 for fiscal year 1978, $70,000,000 for fiscal year 1979, $75,000,000 for fiscal year 1980, and $80,000,000 for fiscal year 1981.