Federal Trade Commission Amendments Act of 1982

(Reported to Senate from the Committee on Commerce, Science, and Transportation with amendment, S. Rept. 97-451)

Federal Trade Commission Amendments Act of 1982 - Amends the Federal Trade Commission Act to define "unfair acts or practices" as those causing substantial injury to consumers which are not reasonably avoidable by them nor outweighed by countervailing benefits to them or to competition.

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

Exempts from the authority of the Federal Trade Commission (FTC), professionals and professional associations which are actively regulated by State government.

Repeals the authority of the FTC to award participation costs in rulemaking proceedings.

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

Permits civil penalty actions to be based only on litigated cease and desist orders, but not consent agreements as currently provided. Permits a defendant to seek review of the Commission's determination that an act or practice was unfair or deceptive, which formed the basis of a cease and desist order against a former defendant.

Continues, with modification, the congressional veto procedures governing Commission regulations.

Requires the Commission, before issuing any remedial requirements under its consumer protection authority, to conduct a cost-benefit analysis.

Conditions the issuance of proposed rulemaking by the Commission on a determination that the unfair or deceptive acts or practices are "prevalent."

Extends the civil investigative demand procedures to the Commission's antitrust authority.

Prohibits the Commission from conducting any study, investigation or prosecution of any agricultural cooperative which meets the requirements of the Capper-Volstead Act, unless the Secretary of Agriculture determines that the transaction in question falls outside the scope of the immunity conferred by the Act or the Clayton Act.

Extends through FY 1985 current provisions restricting Commission authority with regard to trademarks.

Prohibits on a permanent basis Commission authority to regulate commercial advertising under the "unfairness" standard.

Exempts federally chartered and federally insured credit unions from Commission jurisdiction.

Extends the authorization of appropriations for the FTC in the amounts of $60,838,000 for FY 1983, $55,100,000 for FY 1984, and $54,600,000 for FY 1985.