Federal Trade Commission - Explained
What is the FTC?
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What is the Federal Trade Commission?
The Federal Trade Commission (FTC) is the primary federal agency with the mission of protecting consumers. Authorized under the Fair Trade Commission Act, the FTC is an independent regulatory agency charged with keeping competition free and fair and with protecting consumers. The President appoints commissioners to the FTC and Congress approves the agency budget. A special bureau called the Bureau of Consumer Protection (BCP) promotes the consumer protection mission of the FTC. It promotes competition under the antitrust laws as well as protects consumers through the FTC Acts prohibition on unfair or deceptive acts or practices in commerce. In summary, the overall objective of the FTC is to ensure fair competition by preventing those who deceive consumers from diverting sales or trade from those who compete honestly.
Example: The FTC regulates commercial practices, such as advertising and marketing, sales of financial products and practices, privacy and identity protection, etc. Discussion: How do you feel about the functions and objectives of the FTC? Do you think it should be the role of a special administrative agency to promote consumer interests in the commercial market? Why or why not? Practice Question: What is the role and purpose of the Federal Trade Commission with regard to consumer protection laws?
Next Article: FTC Regulatory Enforcement Procedures Back to: CONSUMER PROTECTION
- Consumer Protection Law (Intro)
- What is consumer protection law?
- Cooling Off Rule
- What major federal laws protect consumers?
- What is the Federal Trade Commission
- Enforcement procedures of the FTC?
- Penalties for violating FTC regulations?
- Commercial Practices Prohibited by FTC?
Unfair Trade Practices
- Predatory Pricing
- Bait & Switch
- Lemon Laws
- Consumer Financial Protection Bureau
- What is the Fair Credit Reporting Act?
- Users of Information?
- Credit Reporting Agency Consumers
- Reporting Agencies?
- Consumer Reporting Agency
- Furnishers of Information?
- Truth in Lending Act
- Fair Debt Collection Practices Act
- Fair Credit Billing Act
- Electronic Funds Transfer Act
- Electronic Funds Transfers (EFT)
- Equal Credit Opportunity Act
- Regulation B
- Consumer Credit Protection Act
- Consumer Advisory Council
Consumer Financial Protection Act
- Consumer Product Safety Act
- Consumer Product Labeling Laws
- Credit Repair Organization Act
- Federal Food, Drug, and Cosmetic Act
- Magnuson-Moss Warranty Act
- Privacy Act of 1974 (Privacy Act)
- Personally Identifiable Information
- Right to Financial Privacy Act of 1978 (RFPA)
- Electronic Communication Privacy Act of 1986 (ECPA)
- Childrens Online Privacy Protection Act of 1986 (COPPA)
- CAN SPAM Act
- What role do states play in Consumer Protection?