A substitute amendment to the Luken amendment. The amendment 1) prohibits the FTC from finding any method of competition unfair if that method under the Sherman Act would be held to constitute state action, 2) prohibits the FTC from issuing regulations prohibiting unfair practices if such regulations would invalidate state laws which establish regulations for the training and competition of professionals, unless the FTC finds that the state law a) prescribes any commercial or business act or practice and b) adversely affects or is likely to adversely affect competition. In making such a finding the FTC must consider the benefits to the citizens which result from the law that authorizes or prescribes the practice in question.