Yes and assaulting someone is also illegal (whether with a weapon or not), reckless driving is also illegal (whether you are drunk or not), and violent hate crimes are illegal (whether you had discriminatory hate in your heart or not)
The existing criminal process can prosecute fraud after the fact; but there are potential FTC regulations which could make it either harder to commit it or easier to detect it, acting as a deterrent before fraud is done.
Comments
Isn't fraud already illegal?
They think there will be additional deterrence by making it super illegal. See "identity theft" for a previous example.
So, did their action solve it?
Yes and assaulting someone is also illegal (whether with a weapon or not), reckless driving is also illegal (whether you are drunk or not), and violent hate crimes are illegal (whether you had discriminatory hate in your heart or not)
Fraud has to be prosecuted by the Dept of Justice. Deceptive business practices can be independently pursued by the FTC.
The existing criminal process can prosecute fraud after the fact; but there are potential FTC regulations which could make it either harder to commit it or easier to detect it, acting as a deterrent before fraud is done.