WHAT IS THE FEDERAL TRADE COMMISSION (FTC)
We know that the world of economics and finances is confusing and complicated. Over and over we hear people throw out terms that a lot of people do not understand. One of those being the FTC, the FTC stands for the Federal Trade Commission. The Federal Trade Commission has been around since 1914 and once they adopted more consumer protection laws; including the Telemarketing Sales Rule, the Pay-Per-Call Rule and the Equal Credit Opportunity Act. The FTC was able to have wider control in 1975.
According to the FTC website their mission is “Protecting consumers and competition by preventing anti-competitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity.” The bottom line is that the FTC exists to protect you! Both consumers and businesses alike have a lot to do with the FTC, more than you may think. The FTC protects consumers by putting a stop to unfair, fraudulent, or misleading practices within the economic market. They conduct various investigations and even sue companies or people who are accused of being deceptive or unfair. They develop rules to keep a fair and active marketplace as well as keep consumers educated about their responsibilities and rights.
The FTC has its hands in both consumer protection and competition jurisdiction. The FTC enforces law enforcement, as well as protects consumers’ interests. This happens by them sharing experiences and knowledge among the federal legislatures, state legislatures, U.S., and international government agencies. These collaborations protect consumers as well as promote competition, the FTC makes research tools and policies through workshops, conferences and hearings.
The 3 strategic goals of the FTC are
“Protect consumers from unfair and deceptive practices in the marketplace
Maintain competition to promote a marketplace free from anti-competitive mergers, business practices, or public policy outcomes
Advance the FTC’s performance through excellence in managing resources, human capital, and information technology”
These goals and practices are put in place to maintain a fair and competitive marketplace to benefit the businesses and the consumers in the U.S. The Federal Trade Commission is a bipartisan organization that strives to put the economy and its consumers first in order to create a vibrant, competitive, and fair environment within the world of finances.
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Solutions Team
