FTC Chair Stepping Down Soon

Federal Trade Commission Chairman Timothy Muris says he is stepping down on Aug. 15 now that President Bush has signaled his intention to appoint Deborah P. Majoras to be the new chairman.By announcing his intention to make a recess appointment, the president "ensures the FTC's ability to continue its strong record of competition and consumer protection," Mr. Muris said. During Mr. Muris' tenure, the FTC successfully pursued several predatory lending cases that resulted in large settlements, including a $215 million settlement involving Associates First Capital Corp, Irvine, Texas. Earlier this year, Chairman Muris announced his intention to step down in August, but a Democratic senator has held up Ms. Majoras' confirmation by the Senate. By making a recess appointment, the president can bypass the Senate, which is on recess until Sept. 7. Ms. Majoras has worked in the Justice Department's antitrust division. The president also announced his intention to appoint Democrat Jon Leibowitz to an FTC panel.