Why does Wall Street regulation include authority over internet?

[Calabrio]

"Why does the Wall Street regulation overhaul give FTC authority over the Internet?"
Nick Gillespie | May 1, 2010
http://reason.com/blog/2010/05/01/why-does-the-wall-street-regul

That's the question Ed Morrissey asks at Hot Air. Commenting on an under-publicized portion of the House version of financial reg legislation that would, in the Wash Post's summary, "allow the FTC to issue rules on a fast track and permit the agency to impose civil penalties on companies that hurt consumers," Morrissey raises a series of disturbing queries:

Neither the FTC nor the Internet had anything to do with the Wall Street meltdown in 2008. If this financial-regulation bill is so desperately needed, why did House Democrats lard it up with this power grab at the FTC? Why does the FTC need any further authority over the Internet, where fraud and abuse regulations apply already? The Internet economy has been one of the bright spots throughout a dismal period of recent history. Do we need to attack the one area that shows growth and promise?

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