Is this still as important?

No. Let the consumer decide. We have plenty of outstanding products to choose from.

"... Please, stop using Medicare and return your Social Security checks. Oh, and when you were unemployed that one time, return that money also..."

Medicare, Social Security, and unemployment insurance are not gifts from the government. We paid for those "benefits" by payroll deduction. So far, I payed in far more than I collected. And to get back on track, We don't need government or laws for everything we do. 

"...but we also need to set a bar for consequences for misleading the consumer..."

I don’t think I want un-elected officials to use the vast powers of government to monitor and penalize a company that produces an amp that’s a few watts short. Especially when doubling the power is only a 3db difference.