What is the Federal Trade Commission?
Introduction to the FTC
The FTC is a federal agency with both consumer protection and competition jurisdiction in broad sectors of the economy. The FTC pursues law enforcement; advances consumers’ interests by sharing its expertise with federal and state legislatures and U.S. and international government agencies.
History of the FTC
The Federal Trade Commission was created on September 26, 1914. President Woodrow Wilson was the one to sign the Federal Trade Commission Act into law. The FTC opened its doors on March 16, 1915. The FTC’s mission is to protect consumers and promote competition. As the FTC celebrates its 100th anniversary, our thoughts turn to its unique mission, significant events in Commission history, and its staff, stakeholders and constituents – present and past.
Over the years, Congress has passed laws that have given the Federal Trade Commission authority to police anti-competitive practices. In 1938, Congress passed a prohibition against “unfair and deceptive acts or practices.” Since then, the Federal Trade Commission administers a wide variety of protection laws, including the Telemarketing Sales Rule, the Pay-Per-Call Rule and the Equal Credit Opportunity Act. In 1975, Congress gave the FTC the authority to adopt industry-wide trade regulation rules. On January 12, 2015, President Barack Obama visited the Commission, the first presidential visit to the Commission since 1937. It was a big day for the FTC.
The Vision of the FTC
To prevent business practices that are anti-competitive or deceptive to consumers. To enhance consumer choice and understanding of the competitive process that takes place. . To the FTC, an ideal U.S. economy should be characterized by vigorous competition among producers and consumer access to accurate information. At the same time producing high-quality products at affordable prices. The Federal Trade Commission encourages efficiency, innovation, and consumer choice.
- Protect Consumers: Prevent fraud, deception, and unfair business practices in the marketplace.
- Maintain Competition: Prevent anti-competitive mergers and other anti-competitive business practices in the marketplace.
- Advance Performance: Advance the FTC’s performance through organizational, individual, and management excellence.
The FTC: Enforcement
The FTC enforces federal consumer protection laws that prevent fraud, deception and unfair business practices. The Commission also enforces federal antitrust laws that prohibit anti-competitive mergers and other business practices that could lead to higher prices, fewer choices, or less innovation. Whether combating telemarketing fraud, Internet scams or price-fixing schemes, the FTC’s mission is to protect consumers and promote competition.
All in all, The Federal Trade Commission is here for you, and your protection. There’s a great plenty of people out there who would love take advantage of you if they ever got the chance. Check our Resources page for a list of trusted companies, which have received 4 stars or better. Check Our Reviews page for more insight into trusted companies. Check our site for reviews of all kind. Its great place to become more knowledgeable about the world of finance, and will shed some light on some of the scams out there. Check out the previous post by clicking here.