Also last week, Rep. Barney Frank (D-Mass.) announced that he was scaling back on some of the provisions of the proposed Consumer Financial Protection
Agency. Proponents of the proposal claim the American business lobby has been waging a scare campaign. But, warns the Association of National Advertisers' Dan Jaffe: "It's a very broad law that
affects every player in the advertising community: advertisers, agencies, media and the FTC -- the major regulator we have a long history with."
Other ideas floating around the Beltway but gaining little traction: eliminating the tax deductibility of pharmaceutical TV advertising to help finance healthcare and taxing sugar-sweetened drinks to help curb obesity. Says Clark Rector, evp of government affairs at the American Advertising Federation: "The thinking is that the business community is under fire and marketing tends to be the most visible face of that."