Federal Trade Commission Act
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The Federal Trade Commission Act of 1914 (15 U.S.C §§ 41-58, as amended) established the Federal Trade Commission (FTC), a bipartisan body of five members appointed by the President of the United States for seven year terms. This Commission was authorized to issue Cease and Desist orders to large corporations to curb unfair trade practices. This Act also gave more flexibility to the US congress for judicial matters.
The agency was created during the presidency of Woodrow Wilson and was part of the Progressive Era reforms.
Section 5. Unfair methods of competition and deceptive practices declared to be illegal.
Under this Act, the FTC is empowered, among other things, to (a) prevent unfair methods of competition, and unfair or deceptive acts or practices in or affecting commerce; (b) seek monetary redress and other relief for conduct injurious to consumers; (c) prescribe trade regulation rules defining with specificity acts or practices that are unfair or deceptive, and establishing requirements designed to prevent such acts or practices; (d) conduct investigations relating to the organization, business, practices, and management of entities engaged in commerce; and (e) make reports and legislative recommendations to Congress. [Citation Needed]
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