The Federal Trade Commission has launched a sweeping crackdown on 50 million bloggers and their hidden ties to makers of products they review.

For nearly three decades, the Federal Trade Commission’s rules regarding the relationships between advertisers and product reviewers and endorsers were deemed adequate. Then came the age of blogging and social media.

The Federal Trade Commission Thursday issued a final rule that it said will prohibit market manipulation in the petroleum industry.

The Obama administration has proposed a Consumer Financial Protection Agency (CFPA) that would regulate the fees, penalties, and interest rates for consumer products such as credit cards and mortgages. The administration believes this new agency could enforce disclosure, but do American consumers really need a new layer of regulation?