The Federal Trade Commission has made updates to its Rules of Practice, establishing a formal process by which the Horseracing Integrity and Safety Authority can submit its budget to the FTC for review and an approval decision.
Under the Horseracing Integrity and Safety Act of 2020, the FTC is required to provide oversight of the Authority, including over its budget. The new procedural rules establish requirements applicable to the Authority for its submission of proposed budgets to the Commission for review.
The new procedural rules identify what the Authority must submit to the Commission for the Commission to evaluate and decide whether to approve or disapprove the Authority's proposed budget, as well as laying out basic requirements for the Authority's budget. When submitted, the proposed budgets will be made available for public comment.
The Commission vote to approve the changes to the FTC Rules of Practice was 3-0-1, with Commissioner Christine S. Wilson not voting. The changes will be published in the Federal Register shortly.
The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about consumer topics and report scams, fraud, and bad business practices online at ReportFraud.ftc.gov. Follow the FTC on social media, read our blogs and subscribe to press releases for the latest FTC news and resources.
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