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Simple English definitions for legal terms
FTC
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A quick definition of FTC:
The FTC is a group of people who work for the government to make sure that companies and people are being fair and honest when they sell things. They also make sure that companies don't become too powerful and take over other companies. The FTC has different parts that help them do their job, like making rules and punishing people who break the rules. They also teach people about their rights when they buy things.
A more thorough explanation:
The Federal Trade Commission (FTC) is a government agency that was created in 1914 to enforce laws that 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 and takes action against individuals or companies that engage in unfair, deceptive, or fraudulent practices that harm consumers. For example, the FTC may fine a company for violating a consumer's privacy or misleading them about a product's effectiveness. The FTC also educates consumers and businesses about their rights and responsibilities under the law.
The FTC enforces antitrust laws that prevent individuals or companies from using unfair methods of competition or engaging in practices that harm competition in the marketplace. For example, the FTC may challenge a merger between two companies that would create a monopoly and harm consumers by reducing competition.
The FTC works to ensure that consumers have access to a fair and competitive marketplace, and that businesses compete on a level playing field. By enforcing consumer protection and antitrust laws, the FTC helps to promote a healthy economy and protect consumers from harm.