What is the purpose of the Federal Trade Commission?
The basic statute enforced by the FTC, Section 5(a) of the FTC Act, empowers the agency to investigate and prevent unfair methods of competition, and unfair or deceptive acts or practices affecting commerce. This creates the Agency’s two primary missions: protecting competition and protecting consumers.
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 does the FTC do with complaints?
As the nation’s consumer protection agency, the FTC takes complaints about businesses that don’t make good on their promises or cheat people out of money. We share these complaints with our law enforcement partners and use them to investigate fraud and eliminate unfair business practices.
What is an example of the Federal Trade Commission?
The Federal Trade Commission is divided into three bureaus that have different regulation and protection responsibilities. … For example, the FTC might investigate whether a retail company has special agreements with a supplier that violates anti-trust law and gives them an unfair advantage over their competitors.
What are four ways the Federal Trade Commission protects 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.
Who controls the FTC?
The Commission is headed by five Commissioners, nominated by the President and confirmed by the Senate, each serving a seven-year term. No more than three Commissioners can be of the same political party. The President chooses one Commissioner to act as Chairman.
Which of the following was the first purpose for the Federal Trade Commission?
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.
Are FTC complaints Anonymous?
Complaint topics vary from fraud and identity theft, to scams created intentionally to deceive consumers. … The FTC found that gift and reload cards were the payment vehicle for 26% of fraud reports from January through September of 2018, because they’re anonymous, fast and irreversible.
Where is the best place to complain about a company?
10 Effective Ways to Complain About a Company Online
- Go to the company website. …
- Contact the Better Business Bureau. …
- Contact the Federal Trade Commission (FTC). …
- Check out the Ripoff Report. …
- Email [email protected] …
- Try Yelp. …
- Post on Planet Feedback. …
- Google your attorney general.
What are the 8 basic rights of the consumers?
The eight consumer rights are: The right to satisfaction of basic needs – to have access to basic, essential goods and services such as adequate food, clothing, shelter, health care, education, public utilities, water and sanitation.
What is FTC refund?
The Federal Trade Commission is mailing 22,581 refund checks totaling more than $470,000 to consumers nationwide who bought two deceptively marketed health products—TrueAloe and AloeCran, from a company called NatureCity, LLC.
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.