The FTC
protects consumers by stopping unfair, deceptive or fraudulent practices in the marketplace
. We conduct investigations, sue companies and people that violate the law, develop rules to ensure a vibrant marketplace, and educate consumers and businesses about their rights and responsibilities.
What is the purpose of the Federal Trade Commission quizlet?
What is the Federal Trade Commission? the nation’s consumer protection agency and one of the government agencies responsible for keeping competition among businesses strong. Its job is
to make sure companies compete fairly and don’t mislead or trick people about their products
and services.
What laws does the FTC enforce?
The FTC enforces
federal consumer protection laws
that prevent fraud, deception and unfair business practices. The FTC administers a wide variety of laws and regulations, including the Federal Trade Commission Act, Telemarketing Sale Rule, Identity Theft Act, Fair Credit Reporting Act, and Clayton Act. …
What was the purpose of the Federal Trade Commission when it was created in 1914 quizlet?
The Federal Trade Commission was established in 1914 to
police unfair methods of business competition
, but originally focused only on the effects of unfair on business competitors, not upon consumers.
How does the Federal Trade Commission help consumers quizlet?
The FTC protects
consumers by stopping unfair, deceptive or fraudulent practices in the marketplace by conducting investigations
, suing companies, and people that violate the law, developing rules to ensure a vibrant marketplace, and educating consumers and businesses about their rights and responsibilities.
What power does the Federal Trade Commission have?
The FTC has
the ability to implement trade regulation rules defining with specificity acts or practices
that are unfair or deceptive and the Commission can publish reports and make legislative recommendations to Congress about issues affecting the economy.
Is the FTC effective?
Despite criticism of its regulatory inadequacy, the FTC has
successfully brought legal actions against many businesses
addressing a wide range of data privacy issues including peer-to-peer file sharing, social media networking, spam, spyware, behavioral advertising and failure to adhere to privacy commitments.
What will the Federal Trade Commission do if it’s working on a case that involves an allegation of a criminal antitrust violation?
If the company violates an FTC order, the Commission also
may seek civil penalties or an injunction
. In some circumstances, the FTC can go directly to federal court to obtain an injunction, civil penalties, or consumer redress. … The FTC also may refer evidence of criminal antitrust violations to the DOJ.
What is the Federal Trade Commission discuss why it was established its mission and how it accomplishes that mission and implements enforcement?
Learn more about the FTC’s Competition mission… When the FTC was created in 1914, its purpose was
to prevent unfair methods of competition in commerce as part of the battle to “bust the trusts
.” Over the years, Congress passed additional laws giving the agency greater authority to police anticompetitive practices.
What were the powers of the new Federal Trade Commission quizlet?
What were the powers of the new federal trade commission? They
could investigate big businesses participating in unfair trade practices
. agreements that required retailers who bought from one companies participating in unfair trade practices.
Who was president during the Federal Trade Commission?
The Federal Trade Commission was created on September 26, 1914, when
President Woodrow Wilson
signed the Federal Trade Commission Act into law.
What type of regulatory power does the Federal Trade Commission have quizlet?
In addition to issuing cease and desist orders and getting them enforced in court, the Federal Trade Commission can seek
temporary and permanent injunctions, fines, and monetary damages and promulgate trade regulation rules
.
What did the Federal Reserve Act create quizlet?
established in december 1913. it is the act that created
the federal reserve system, the central banking system of the united states
, which was signed into law by woodrow wilson. it regulated banking to help smaller banks stay in business.
What is the mission of the bureau of competition?
The Federal Trade Commission’s Bureau of Competition
enforces the nation’s antitrust laws
, which form the foundation of our free market economy. The antitrust laws promote the interests of consumers; they support unfettered markets and result in lower prices and more choices.
Who does the FTC Act apply to?
Section 5(a) of the Federal Trade Commission Act (FTC Act) (15 USC §45) prohibits “unfair or deceptive acts or practices in or affecting commerce.” This prohibition applies to
all persons engaged in commerce, including banks
.
What kind of complaints does the FTC handle?
We collect complaints about
hundreds of issues from data security and false advertising to identity theft
and Do Not Call violations. We use these complaints to bring cases, and we share them with law enforcement agencies worldwide for follow-up.
What are four ways the Federal Trade Commission protects consumers?
The Bureau of Consumer Protection also can bring enforcement actions in federal court. It focuses on
protecting the privacy of consumers, fighting identity theft, regulating advertising and marketing practices, regulating business practices in the financial industry
, and protecting Americans from telemarketing fraud.
What will the Federal Trade Commission do if it’s working on a case that involves an allegation of a criminal antitrust violation quizlet?
The
commission may recommend dismissal of the complaint or a hearing
.
Which high profile scandal is finally the target of a Federal Trade Commission probe?
The Federal Trade Commission’s probe comes on the heels of
the Cambridge Analytica scandal
, in which the data firm improperly retained the Facebook data of 50 million Americans.
Can the FTC impose fines?
Consumer Protection
However, violations of an established FTC
rule can still subject a company to civil penalties
. … In practice, the FTC may issue more warning letters to put corporations on notice of similar consent judgments or rules in order to impose civil penalties for ongoing violations.
What does Section 5 of the Federal Trade Commission Act prohibit?
Section 5(a) of the FTC Act, 15 U.S.C. Sec. 45(a), prohibits,
inter alia, “unfair methods of competition
.” Unfair methods of competition include any conduct that would violate the Sherman Antitrust Act or the Clayton Act.
How does the FTC define deception?
Section 5 of the FTC Act prohibits “unfair or deceptive acts or practices in or affecting commerce.” As the Commission set forth in its 1983 Policy Statement on Deception,
a representation, omission, or practice is deceptive if it is likely to mislead consumers acting reasonably under the circumstances and is material
…
What are three strategic goals of the FTC?
Objective 1: Identify anticompetitive mergers and practices that cause the greatest consumer injury. Objective 2: Stop anticompetitive mergers and practices through law enforcement. Objective 3:
Prevent consumer injury through education
.
What are the three bureaus of the Federal Trade Commission and explain what each of them does?
Three bureaus do the work of the FTC:
Competition, Consumer Protection, and Economics
. Several other offices help implement the mission of the bureaus. The Bureau of Competition’s job is to promote competition in the marketplace and to challenge business practices that work against competition.
Is an FTC order requiring that a company stop its illegal behavior?
An FTC order requiring that a company stop its illegal behavior. … A form of
cease-and-desist
order issued by the FTC that applies not only to a specified product but also to other products produced by the same firm.
What was the purpose of the Clayton Antitrust Act quizlet?
The Clayton Antitrust Act
attempts to prohibit certain actions that lead to anti-competitiveness
. Outlaws price discrimination, prohibits tying contracts, prohibits stock acquisition of competing corporations, prohibits the formation of interlocking directorates (director of one firm, is board member on another firm).
What was the Federal Reserve Act Why was this a big deal?
The Federal Reserve Act
created a national currency and a monetary system that could respond effectively to the stresses in the banking system
and create a stable financial system.
Why did Woodrow Wilson create the FTC?
It was signed into law by President Woodrow Wilson on September 26, 1914. The five-member body was created
to protect consumers by preventing what it deemed unfair methods of competition between businesses and deceptive business practices
.
What does the FTC stand for?
The FTC (
Federal Trade Commission
) is a United States federal regulatory agency designed to monitor and prevent anticompetitive, deceptive or unfair business practices.
What was the reason behind the creation of the Federal Reserve?
It was created by
the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system
. The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law.
Who backs the money of the federal government?
The Federal Reserve System is not “owned” by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation’s central bank.
The Board of Governors
in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
What are the main provisions of the Federal Trade Commission Act?
Under this Act, as amended, the Commission is empowered, among other things, to (a) prevent unfair methods of competition and unfair or deceptive acts or practices in or affecting commerce; (b) seek monetary redress and other relief for conduct injurious to consumers;
(c) prescribe rules defining with specificity acts
…
What was the purpose of the Federal Trade Commission when it was created in 1914 quizlet?
The Federal Trade Commission was established in 1914 to
police unfair methods of business competition
, but originally focused only on the effects of unfair on business competitors, not upon consumers.
What are the goals of the FTC quizlet?
The Federal Trade Commission (FTC) is an independent federal agency whose main goals are
to protect consumers and to ensure a strong competitive market by enforcing a variety of consumer protection and antitrust laws
.
Who regulates competition in the US?
The FTC’s Bureau of Competition
, working in tandem with the Bureau of Economics, enforces the antitrust laws for the benefit of consumers. The Bureau of Competition has developed a variety of resources to help explain its work.
Does the Bureau of Competition protect investors?
Answer. The work of the Bureau
helps protect and strengthen free and open competitive markets
and ensure that businesses compete fairly.
How does the FTC benefit consumers?
Protecting Consumers
The FTC
protects consumers by stopping unfair, deceptive or fraudulent practices in the marketplace
. We conduct investigations, sue companies and people that violate the law, develop rules to ensure a vibrant marketplace, and educate consumers and businesses about their rights and responsibilities.
