This bill amends the Federal Trade Commission Act to authorize the Federal Trade Commission (FTC) to regulate activities of common carriers insofar as the activities are not regulated by the Federal Communications Commission under the Communications Act of 1934 or by the Surface Transportation Board or the Department of Transportation under interstate transportation laws. Under current law, these common carriers are exempt from the FTC's authority based merely on their status as common carriers. The bill continues to prohibit the FTC from regulating common carriers insofar as they are subject to communications and transportation laws, but allows the FTC to regulate other activities of common carriers under its authority to investigate and prevent unfair methods of competition and unfair or deceptive acts or practices.