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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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