Aftermath of AMG v. FTC

On April 22nd, the United States Supreme Court handed down a unanimous decision in AMG Capital Management, LLC, et al. v. Federal Trade Commission. The Court declared that section 13(b) of the Federal Trade Commission Act does not authorize the Federal Trade Commission (FTC) “to seek…equitable monetary relief such as restitution or disgorgement.”

In response to this decision Acting Chairwoman Rebecca Kelly Slaughter said, “In AMG Capital, the Supreme Court ruled in favor of scam artists and dishonest corporations, leaving average Americans to pay for illegal behavior.”

In this episode, Vec responds to the FTC’s reaction to their loss in AMG v. FTC.

Congress Seizes State Taxing Authority

Later in the episode, Mark discusses a group of 13 states including Florida, West Virginia and Alaska that have sued the U.S. Treasury Department over a provision in the American Rescue Plan Act of 2021 that prohibits states from using federal funds for state tax cuts.

West Virginia et al. v. U.S. Department of the Treasury et al. addresses the federal provision that prohibits states from using the recent $350 billion cash infusion to states and localities if they "directly or indirectly offset … [states'] net tax revenue" via state laws, regulations or through rate cuts, rebates, deductions, credits "or otherwise." States that don't comply with the provisions would be required to repay funds equal to the amount of tax cuts they gave.

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