Warning
Info
Warning
Info
Simple English definitions for legal terms
Federal Trade Commission
Read a random definition: ANSI
A quick definition of Federal Trade Commission:
The Federal Trade Commission (FTC) is a group of people who work together to make sure that businesses and people are being fair and honest when they sell things. They have three different groups that help them do their job: one that protects consumers, one that makes sure businesses are competing fairly, and one that studies how the economy works. The FTC can punish people or businesses that are not being fair or honest, and they also teach people about their rights and responsibilities when buying or selling things.
A more thorough explanation:
The Federal Trade Commission (FTC) is a government agency that was created by Congress in 1914 to protect consumers and promote competition in the marketplace. The FTC is made up of five Commissioners who are appointed by the President and confirmed by the Senate. Each Commissioner serves a seven-year term and no more than three Commissioners can belong to the same political party.
The FTC investigates individuals and companies to prevent and stop unfair, deceptive, or fraudulent practices in the marketplace. For example, the FTC may fine a company for violating consumers' privacy rights. The FTC also educates consumers and businesses about their rights and responsibilities under the law.
The FTC enforces antitrust laws to prevent individuals and companies from using unfair methods of competition or unfair or deceptive acts or practices that may affect commerce in the United States. For example, the FTC may challenge a merger that could harm competition in a particular market. The FTC can take legal action against violators by bringing a claim before an administrative law judge or filing a federal court action to obtain a preliminary injunction to block a potential antitrust violation.
The FTC works to ensure that consumers have access to competitive markets and that businesses compete fairly. By doing so, the FTC helps to promote innovation, lower prices, and improve the quality of goods and services for consumers.