It's not passed yet, but it seems that it's well on it's way to being passed.
Here's a post from the Chicago Tribute:
Federal Trade Commission's plan to change rules on ad endorsements, testimonials worries marketers -- chicagotribune.com
From what I gather, the FTC have been noticing a problem with the way companies have been advertising. They use testimonials and think just because they slap up a disclaimer that that rids them of any and all responsability when it comes to people not getting the same results that the company claims to becnhmark.
We can take a look at the way Iternet Marketing has been evolving for the past few years and make that assessment. Take these tesimonials that most marketers put up on their product pages. How do we know these are genuine, and actually back up the claims being stated?
We don't to be honest with everyone. And it's not just Internet Marketers that are doing this stuff either. Many major corporations are making false claims about their products trying to catch the gulible.
In many ways, I hope this passes and becomes regulation. Maybe it will stop the scams, and bring forth the real marketers that have safe and usable products that says what the product does or will do, and lasts for a while.
Btw, if you promote other people's products or your own, and use a disclaimer thinking it will keep you safe in the courtroom, think again. You better be able to proove your product is or does what you claim it does.
And for goodness sake, make sure those testimonials that you are using on your site are the real McCoys because it could well be the very thing that brings down your business.