Federal Trade Commission
The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction over federal civil antitrust law enforcement with the Department of Justice Antitrust Division. The agency is headquartered in the Federal Trade Commission Building in Washington, DC.
Some of the key events about Federal Trade Commission
- 1914Established to prevent unfair methods of competition in commerce
- 1914Failed to prevent the formation of U.S. Steel, allowing the creation of the world's first billion-dollar corporation
- 1920Criticized for ineffective enforcement of antitrust laws during the post-World War I merger wave
- 1935Faced accusations of overstepping its authority in attempting to regulate the insurance industry
- 1938Granted authority to protect consumers against unfair and deceptive trade practices
- 1950Issued guidelines for proper use of "Made in USA" labels
- 1969Criticized for inadequate consumer protection measures during the rise of cigarette advertising
- 1975Created the Bureau of Consumer Protection to enforce consumer protection laws
- 1979Implemented the Used Car Rule, requiring dealers to provide warranty information
- 1980Accused of lax enforcement of antitrust laws during the Reagan administration
- 1998Launched the National Do Not Call Registry to reduce unwanted telemarketing calls
- 1998Failed to prevent the merger of Exxon and Mobil, creating one of the world's largest oil companies
- 2003Enacted the CAN-SPAM Act to regulate commercial email practices
- 2006Criticized for not doing enough to protect consumers from identity theft and data breaches
- 2009Introduced rules to protect consumers from unfair credit card practices
- 2010Implemented the Red Flags Rule to combat identity theft
- 2011Faced criticism for settling with Google over privacy violations without imposing significant penalties
- 2013Failed to prevent the merger of American Airlines and US Airways, reducing competition in the airline industry
- 2019Imposed a $5 billion penalty on Facebook for violating users' privacy
- 2019Criticized for imposing a relatively small $5 billion fine on Facebook for privacy violations
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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