TIME Act

Technological Innovation through Modernizing Enforcement Act or the TIME Act

This bill amends the Federal Trade Commission Act to require any consent order entered into by the Federal Trade Commission (FTC) to include a termination clause providing for the order to expire not later than eight years after it is entered into, unless it relates to alleged fraud by an entity subject to the order and requires a longer time limit. In determining the time limit, the FTC must consider: (1) the impact of technological progress on the order's continuing relevance; and (2) whether an entity, without a consent order beyond eight years, would engage in activities that violate laws against unfair methods of competition, or against unfair or deceptive acts or practices, in or affecting commerce.

A consent order longer than five years that is unrelated to alleged fraud by the entity must include a clause providing for the FTC to review the order five years after it is entered into. The bill also allows entities subject to a consent order that is unrelated to alleged fraud and has been effective for at least five years to petition the FTC to terminate the order. If the FTC determines that such a consent order no longer serves its purposes, the FTC shall terminate the order.