The US Federal Trade Commission (FTC) works for preventing
deceptive, fraudulent and unfair business practices and also provides
consumer-related information to prevent fraud and scams. It is regarded as the
independent agency of the government of the United States.
Principally,
it aims to: -
Enforce
antitrust/competition laws, and
Promotion
and awareness related to consumer protection.
The FTC is headed by 5 Commissioners, who serve a 7-year term,
nominated by the President of the United States and later confirmed by the
Senate. The Chairman of the commission is nominated by the President.
Furthermore, not more than 3 commissioners can be of the same political party.
Most importantly the FTC, by imposing antitrust laws,
prevents parties from entering into anti-competitive agreements, thereby
preventing monopolies in relevant markets.
For
example, if a contractual agreement has been
entered into between two individuals to restrain trade in the relevant market,
then such an act shall be considered harmful to the competitive environment.
These acts can include practices such as price fixation, division in markets,
etc.
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