Federal Trade Commission Act of 1982

Federal Trade Commission Act of 1982 - Amends the Federal Trade Commission Act to authorize the Federal Trade Commission to issue rules applicable to "false" or "deceptive" commercial advertising, but continues the current provision eliminating the Commission's rulemaking authority based on "unfairness."

Eliminates "unfairness" as a basis for Commission case-by-case adjudication with regard to commercial advertising.

Makes the State action doctrine applicable to Commission authority over unfair methods of competition.

Eliminates Commission authority to make substantive rules based principally on unfair methods of competition.

Defines "unfair methods of competition" to mean conduct which is inconsistent with the principles of the Sherman or Clayton Acts.

Defines "unfair acts or practices" as those causing substantial injury to consumers which is not reasonably avoidable by consumers nor outweighed by countervailing benefits to consumers or competition.

Applies current civil investigative demand requirements to the Commission's competition authority.

Continues, with modification, the congressional veto procedures governing Commission regulations. Requires the President to sign the joint resolution disapproving a regulation. (Current law does not require the President's signature.)

Establishes a $1,000,000 limit on civil penalties assessed by the Commission.

Extends the authorization of appropriations for the Commission from FY 1982 through FY 1985.