The Federal Trade Commission (FTC) is a valuable entity of our government. But what is the FTC? What does the FTC do? What are the primary areas that the FTC is Responsible for?
The Federal Trade Commission (FTC) is an independent federal regulatory agency charged with the responsibility of promoting fair competition among rivals in the marketplace by preventing unfair and deceptive trade practices and restraining the growth of monopolies that tend to lessen free trade. The Federal Trade Commission (FTC) main mission is to protect consumers and businesses from unfair competition. This became possible when they passed the Federal Commission Act of 1914. This act prohibits unfair methods of competition (Thomas D, Ferrell O.C., & Ferrell L. pg 134)
The FTC's functions include: they Promote competition through the prevention of general trade restraints such as price-fixing agreements, boycotts, illegal combinations of competitors, and other unfair methods of competition. Stopping corporate mergers, acquisitions, or joint ventures that substantially lessen competition or tend to create a Monopoly. They prevent interlocking directorates that may restrain competition. They prevent the dissemination of false or deceptive advertisements of consumer products and services. They make sure that the truthful products we buy have the proper labels that are truthful to what they contain. They promote electronic commerce and try to stop fraud on the Internet and develop policies that safeguard online privacy of personal information. They stop fraudulent telemarketing schemes and protect consumers from abusive and deceptive telephone tactics. They require creditors to disclose in writing certain cost information, such as the annual percentage rate, before consumers enter into credit transactions. They protect consumers against circulation of inaccurate or obsolete credit reports and ensure that credit bureaus, consumer reporting agencies, credit grantors, and bill collectors exercise their responsibilities in a manner that is fair and equitable. They educate consumers and businesses about their rights and responsibilities under FTC rules and regulations. And they gather factual data concerning economic and business conditions and make it available to the Congress, the president, and the public(http://legal-dictionary.thefreedictionary.com/Federal+Trade+Commission).
As you can see the FTC has a lot of things on their plate. They pretty much have their hands in anything that concerns the consumer and businesses. They try and protect the consumers from the businesses and the businesses from the consumers. It doesn’t always go as planned and it isn’t as easy as it sounds but the FTC does what hthey can with what they got. Thorne, D. , Ferrell, O.C., & Ferrell, L. (2008). Business & society; a strategic approach to social responsibility & ethics. Manson, OH: South-Western Cengage Learning.
http://legal-dictionary.thefreedictionary.com/Federal+Trade+Commission