On August 13, the Federal Trade Commission (FTC) issued the first policy statement on Section 5 of the FTC Act in the agency’s 100-year history in a bipartisan, 4-1 vote. The one-page policy statement outlined the broad principles of when the FTC will use its authority under Section 5 to police “unfair methods of competition in or affecting commerce.” 15 U.S.C. § 45(a)(1). The FTC’s statement identified three fundamental principles to guide its decision-making as to whether to challenge an act or practice as an unfair method of competition: First, the FTC will “be guided by the … promotion of consumer welfare” that underpins all antitrust laws. Second, the act or practice will be evaluated under “a framework similar to the rule of reason,” meaning it must cause or be likely to cause harm to competition “taking into account any … efficiencies and business justifications.” Finally, the FTC will consider whether Sherman Act or Clayton Act enforcement is sufficient to address the competitive harm before determining whether to proceed with a challenge under Section 5. FTC Chair Edith Ramirez made it clear in her statement announcing the guidance that the policy statement “makes no change in course,” but rather states explicitly the principles already guiding the FTC’s actions on unfair competition.