No, we shouldn't support this petition. I don't think the petition organizers even understand the proposed amendment. As I read it, foods would not be allowed to use the term "folic acid", but supplements would. There's nothing in the wording posted by Blankspace that says supplements would be forbidden from using the term "folate", if they are so inclined.
CC, you probably shouldn't repeat that brain lesion claim without some supporting evidence- it is almost certainly not correct.
We might want to support the petition for a completely different reason, however. By requiring food producers to use the term "folic acid" for ALL forms of the vitamin, there is no longer any way to tell if it's the natural form, which currently goes by the name "folate", or if it is the synthetic version, a completely different molecule, that for some bizarre reason is at present known as "folic acid". The bizarreness stems from the fact that in chemistry, "-ate" implies the ionized form of an acid, while the "-ic acid" form implies the un-ionized version of the same compound. To use these terms for two different molecules is just wrong, and the FDA is compounding the error with their proposed change.
Just more reason not to eat processed food...