Bilirakis Bill Will Increase Transparency at FTC, Protect Seniors

Congressman Gus Bilirakis (FL-12) today introduced legislation to promote transparency and accountability at the Federal Trade Commission (FTC), and help protect elderly consumers against fraud.

H.R. 5098, the FTC REPORTS Act would require the FTC to submit an annual plan to identify projected activities, including the following:

• The policy priorities of the Commission;
• Any rulemakings projected to be commenced;
• Plans to develop guidelines or other non-regulatory documents for guidance;
• Efforts to restructure the Commission or establish and/or alter working groups;
• Planned projects or initiatives of the Commission;
• Activities related to the Commission's efforts to combat fraud against individuals over the age of 65 or older and how such activities will address such cases.

"This legislation will result in a more transparent and accountable Federal Trade Commission," said Congressman Bilirakis. "By requiring these annual reports, we may better identify areas of potential reform and ways we can help protect consumers."

In addition to increased accountability, the FTC REPORTS Act would provide greater transparency by requiring the FTC to publish and submit to U.S. House and Senate oversight committee cases involving exploitation of the elderly.

"Many of my constituents have fallen victim to fraudulent behavior and scams," Bilirakis added. "According to the National Adult Protective Services Association (NAPSA), an estimated 1 in 5 adults over the age of 65 have reported financial exploitation. Moreover, only 1 in 44 cases of financial abuse were reported to the authorities. Unfortunately, these bad actors target our nation's seniors and the results can be devastating to these individuals and their families. I will continue working to protect our nation's consumers, especially our seniors."