Federal Trade Commission

Type:	Government Agency
Industry:	Legal/Consumer Protection
Founded:	1914
Headquarters:	600 Pennsylvania Avenue, N.W.
Country:	USA
Website:	www.ftc.gov
Facebook:	Federal Tade Commission
LinkedIn:	Federal Trade Commission
Twitter:	@FTCgov
Key People
Jon Leibowitz, Chairman

The Federal Trade Commission (FTC) is a federal agency dedicated in protecting the rights of consumers and implements regulations against anti-competitive business practices. FTC has the authority to implement trade laws and regulations and to investigate business entities reported by consumers and are suspected to be conducting unfair trade practices. The agency's mission is carried out by Bureaus of Consumer Protection, Competition and Economics with assistance from the Office of General Counsel and seven regional offices.

History

FTC was created after the enactment of the Federal Trade Commission Act which was signed by former United States President Woodrow Wilson on September 26, 1914. FTC started its operations as an independent federal agency on March 16, 1915. The agency assumed the responsibilities of the Department of Commerce Bureau of Corporation, which was created during the administration of former President Theodore Roosevelt in 1903. The first commissioners of the FTC were Joseph Davies, Edward Hurley, and William Harris, and Progressives Will Parry and George Rublee. Davies was elected Chairman of the FTC.

Powers of the FTC

The FTC has the authority to gather information, publish reports and conduct investigation and file administrative and antitrust cases against companies practicing unfair competitive business strategies under Section 5 of the Federal Trade Commission Act. The Commission can also implement the the Sherman Act which prohibits monopoly of businesses, the Clayton Act which prohibits mergers and acquisitions that will reduce competition leading to monopoly as well as other trade regulations. It is also authorize to enforce international antitrust cases International Antitrust Enforcement Assistance Act.

The General Counsel

The General Counsel serves as the chief legal counsel and adviser of FTC. Its primary role is to represent the Commission= and its operating bureaus and other offices in court proceedings and provide legal advise.

The Bureau of Competition

The primary role of the Bureau of Competition is to promote competition within the business sector for the benefit and interest of consumers. The Bureau examines company mergers and acquisitions to make sure that the transaction is fair and it will not result to price increase, limited choices, lesser innovation, reduce competition and monopoly.

The Bureau of Consumer Protection

The Bureau of Consumer Protection's main objective is safeguard the interests of consumers from deceitful and unfair business practices. The bureau increases consumer confidence by enforcing federal laws, provide information to help consumers identify fraud, encourage consumers to file complaint regarding illegal business activities.

The Bureau of Economics

The Bureau of Economics evaluates the economic impacts of government regulations and provides policy recommendations to the Legislative and the Executive Branch of the government regarding competition and consumer protection. It is also expected to analyze and support the any antitrust and consumer protection investigation as well as the creation of rules to be implemented by the commission.

FTC Commissioners

The current Commissioners of FTC include:

• Jon Leibowitz, Chairman
• William E. Kovacic
• J. Thomas Rosch
• Edith Ramirez
• Julie Brill