Federal Trade Commission (FTC)
A Federal Trade Commission (FTC) is an Independent Agency of The United States Government that regulates trade, enforces civil antitrust laws, and protects consumers.
- Context:
- It was created by the Federal Trade Commission Act.
- It can (typically) investigate and prosecute inquiries necessary to its duties across the United States, focusing on organizations, businesses, and practices that affect commerce, except certain exempt entities like banks and common carriers.
- It can (typically) utilize various forms of compulsory process to conduct its investigations, including subpoenas and civil investigative demands (CIDs), to gather testimony, documents, and enforce compliance.
- It can (typically) bring actions in federal court through its own attorneys for consumer protection matters, and it collaborates with or supports the U.S. Department of Justice in some cases.
- It can (typically) have specific Bureaus, such as the Bureau of Consumer Protection, Bureau of Competition, and Bureau of Economics, to focus on different areas of concern, from advertising and marketing to antitrust laws.
- It can (typically) involve public education and guidance, providing resources for consumers and businesses to understand and comply with regulations.
- It is tasked to enforce:
- ...
- Example(s):
- The FTC has historically taken action in various industries to protect consumers, such as regulating the funeral home industry through the FTC Funeral Rule, requiring price list disclosures.
- The FTC initiated fraud sweeps like Project Telesweep to crackdown on telemarketing fraud, demonstrating its proactive approach to law enforcement.
- ...
- Counter-Example(s):
- See: Consumer Protection, Antitrust Law, Bureau of Consumer Protection, Bureau of Competition, Bureau of Economics, Consumer Financial Protection Bureau, Department of Justice, Securities and Exchange Commission, Federal Trade Commission Act of 1914, Clayton Antitrust Act of 1914, Title 16 of The Code of Federal Regulations.
References
2024a
- (Wikipedia, 2024) ⇒ https://en.wikipedia.org/wiki/Federal_Trade_Commission Retrieved:2024-3-24.
- The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction over federal civil antitrust law enforcement with the Department of Justice Antitrust Division. The agency is headquartered in the Federal Trade Commission Building in Washington, DC.
The FTC was established in 1914 with the passage of the Federal Trade Commission Act, signed in response to the 19th-century monopolistic trust crisis. Since its inception, the FTC has enforced the provisions of the Clayton Act, a key antitrust statute, as well as the provisions of the FTC Act, et seq. Over time, the FTC has been delegated with the enforcement of additional business regulation statutes and has promulgated a number of regulations (codified in Title 16 of the Code of Federal Regulations). The broad statutory authority granted to the FTC provides it with more surveillance and monitoring abilities than it actually uses. The FTC is composed of five commissioners, who each serve seven-year terms. Members of the commission are nominated by the President and subject to Senate confirmation, and no more than three FTC members can be of the same party. One member of the body serves as FTC Chair at the President's pleasure, with Commissioner Lina Khan having served as chair since June 2021.
- The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction over federal civil antitrust law enforcement with the Department of Justice Antitrust Division. The agency is headquartered in the Federal Trade Commission Building in Washington, DC.
2024b
- (ChatGPT-OpenAI, 2024) ⇒ Prompt: Summarize the concept Federal Trade Commission (FTC) in 1- 2 paragraphs. ChatGPT (model:gpt-4-turbo-preview). Retrieved: 2024-03-24.
- QUOTE: The Federal Trade Commission (FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is to enforce civil (non-criminal) antitrust law and to promote consumer protection. The FTC aims to prevent business practices that are anticompetitive, deceptive, or unfair to consumers; to enhance informed consumer choice and public understanding of the competitive process; and to accomplish this without unduly burdening legitimate business activity.
The FTC exercises its consumer protection mandate by investigating issues raised by reports from consumers and businesses, pre-merger notification filings, congressional inquiries, or reports in the media. It addresses a wide array of practices affecting the marketplace, including false advertising, privacy breaches, identity theft, and conditions that hinder competition. The commission takes action against companies and individuals that violate these laws by issuing cease and desist orders, imposing civil penalties, and seeking redress for consumers. Moreover, the FTC is tasked with the enforcement of the Clayton Act to curb anticompetitive mergers and business practices, along with the enforcement of the Sherman Act, in collaboration with the Department of Justice.
- QUOTE: The Federal Trade Commission (FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is to enforce civil (non-criminal) antitrust law and to promote consumer protection. The FTC aims to prevent business practices that are anticompetitive, deceptive, or unfair to consumers; to enhance informed consumer choice and public understanding of the competitive process; and to accomplish this without unduly burdening legitimate business activity.