U.S. FTC votes to scrap 2015 statement regarding ‘promotion of consumer welfare’

imageStock Markets24 minutes ago (Jul 01, 2021 01:26PM ET)

(C) Reuters. FILE PHOTO: Signage is seen at the Federal Trade Commission headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

WASHINGTON (Reuters) – The U.S. Federal Trade Commission voted on Thursday to scrap a 2015 statement that said it would be guided in enforcement by a “promotion of consumer welfare,” a move that some experts said could lower the bar on when it decides to file antitrust lawsuits.

In an open meeting conducted online, the commission voted 3-2 to withdraw the statement, with Democrats voting for the withdrawal and Republican commissioners against.

The commission also voted along party lines to approve a rule tightening who can claim that goods are “Made in USA” and to approve a measure that would streamline FTC rule-making.

U.S. FTC votes to scrap 2015 statement regarding ‘promotion of consumer welfare’

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