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Federal Trade Commission |
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Federal Trade Commission: The Federal Trade Commission is an independent agency that was created back in 1914 to help protect American consumers. It is headed by five commissioners who are nominated by the President, and confirmed by the Senate. The Federal Trade Commission reports to Congress.
As a consumer, you likely have no idea just how involved the Federal Trade Commission is in your daily life. Its many bureaus and divisions deal with issues relating to credit cards, misleading advertising, consumer fraud and other such matters related to consumer protection. The FTC also has a division that works with businesspersons in matters related to competition and antitrust.
The Federal Trade Commission works to ensure that the claims and promises made by advertisers about their products, whether those products are nutritional supplements, weight loss products, food products, funeral services, or something else, are true and that the wording does not mislead consumers.
The Federal Trade Commission also is responsible for ensuring that the energy efficiency and consumption data on appliances, the insulation capabilities of home insulation products and the octane levels in your gasoline are accurate and verifiable. It is also the agency responsible for enforcing the Fair Credit Reporting Act and for monitoring the Truth in Lending Act.
Another division of the Federal Trade Commission ensures that mergers and other business practices don’t violate competition laws which could lead to less competition and monopolistic situations.
Most recently, the Federal Trade Commission created a division devoted entirely to identity theft. Unfortunately, identity theft is rampant. In the event you do become a victim, the FTC website offers useful information on what you can do next to remedy your financial situation. The website also offers a number of steps you can (and should) take to protect yourself from becoming a victim in the first place.
It is important to note that the Federal Trade Commission is not designed to help you individually should you become a victim of identity theft. However, if you do file a complaint with the Commission, you will be helping it launch a more widespread investigation, the results of which might enable it to initiate law enforcement action.
The Federal Trade Commission does all this and a whole lot more. Its staff of investigators and lawyers work around-the-clock to help ensure that consumers’ rights are protected. Next time you think your rights as a consumer have been violated, visit the Federal Trade Commission at http://www.ftc.gov/.
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Credit Card Definitions > F - M > Federal Trade Commission
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