FTC Process and Transparency Reform Act of 2016

FTC Process and Transparency Reform Act of 2016 This bill amends the Federal Trade Commission Act to: (1) provide additional factors for the Federal Trade Commission (FTC) to consider before it may declare acts or practices to be unlawful on the ground that they are unfair and likely to cause substantial injury to consumers; (2) set standards and time limits for the termination and review of consent decrees that the FTC enters into against alleged unfair or deceptive acts or practices that are unrelated to an alleged fraud; (3) prohibit the FTC from recommending a legislative or regulatory action without publishing the economic analysis or advice prepared by the FTC's Bureau of Economics or indicating that no such analysis or advice was given; (4) require FTC investigations involving civil investigative demands to terminate six months after the FTC sends a verifiable written communication to notify the subject of the investigation; and (5) provide standards under which a bipartisan majority of commissioners may hold a non-public meeting to discuss official business. The bill prohibits the FTC's guidelines or general statements of policy from: (1) conferring rights upon any person, state, or locality; or (2) binding the FTC or any person, state, or locality to a recommended approach. In enforcement actions, the FTC must prove a violation of FTC-enforced law. The FTC must report annually regarding its: (1) commenced, concluded, and closed investigations; (2) projected activities and timelines for the next year; and (3) enforcement actions to address unfair or deceptive acts or practices that may have targeted or significantly affected individuals 65 or older.