'Federal Trade Commission (FTC)' is explained in detail and with examples in the Economics edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition.
The FTC Federal Trade Commission proves to be the agency responsible for protecting the American consumers. They strive to stop tricky, fraudulent, and unfair practices in business in the nation’s marketplaces. They also disburse valuable information to consumers that helps them to recognize, stop, and sidestep these frauds.
The FTC accepts consumer complaints by phone, email, their website, and through the mail. They take these complaints and enter them into a database that is called the Consumer Sentinel Network. This secure online tool is utilized for investigation purposes by literally hundreds of criminal and civil agencies for law enforcement throughout the United States and overseas.
What the FTC would like to do is to stop these types of deceptive and non-competitive business dealings before they hurt consumers. They are also attempting to improve consumer opportunities so that they are better informed about and comprehend the nature of competition. The agency attempts to perform all of these tasks without putting too many burdens and restrictions on businesses activities that are legitimate.
Congress created the FTC back in 1914. Originally its mandate lay in stopping unfair means of competition in trade and business caused by the trusts. They were a part of the government’s stated goal to bust up these trusts. Congress has given them more authority to monitor and fight practices that were against fair competition over the years by passing other laws.
The government enacted another law in 1938 that was broadly addressed to stop any deceptive or unfair practices and acts. They have continued to receive direction and discretion to govern a number of other laws that protect consumers over the subsequent years. Among these are the Pay Per Call Rule, the Telemarketing Sales Rule, and the Equal Credit Opportunity Act. Congress passed another law in 1975 that gave the Federal Trade Commission the ability to come up with rules that regulated trade throughout the industries.
The FTC has a vision for the American economy. They want to see one that has healthy competition between producers. They also desire to see consumers able to obtain correct information. Ultimately the government agency looks for all of this to create low priced and superior quality goods. They encourage innovation, efficiency in business, and choice for consumers.
This agency carries out its vision with three strategic goals. It starts with them protecting consumers by heading off trickery and deception in the business and consumer marketplace. They desire to keep competition going strong. In this role, they stop mergers and business dealings that they believe are against competition. They also work to increase their own performance with consistently improving and excellent managerial, individual, and organizational efforts.
All of these goals and efforts combine to make the FTC one of the government agencies that most impacts each American citizen’s economic and personal life. They are the only government entity that possesses a mandate for both competition jurisdiction and consumer protection in large segments of the U.S. economy. They go after aggressive and effectual enforcement of the laws.
The FTC shares its knowledge with international, state, and federal groups and agencies. The group creates research tools at a variety of conferences, workshops, and hearings every year. They also develop and distribute easy to understand educational materials for business and consumer needs in the transforming technological and global market.
The FTC carries out its work through its Bureaus of Economics, Competition, and Consumer Protection. They receive assistance from the Office of General Counsel. Seven regional offices around the country help them to carry out their mandate.
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