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The FTC Act does not give consumers the right to sue for violations of the act, but consumers may complain to the Commission about acts or practices they believe to be unfair or deceptive. [14] Consumers may, however, be authorized to sue under a state "UDAP" (unfair, deceptive and abusive practices) statute, sometimes called a "Little FTC Act."
The FTC was established in 1914 by the Federal Trade Commission Act, which was passed in response to the 19th-century monopolistic trust crisis. Since its inception, the FTC has enforced the provisions of the Clayton Act , a key U.S. antitrust statute, as well as the provisions of the FTC Act, 15 U.S.C. § 41 et seq.
The vast majority of FTC members have been individuals with legal backgrounds, with notable exceptions. President Ronald Reagan appointed the first two professional economists, James C. Miller III [ 54 ] and George W. Douglas , [ 55 ] to serve on the body.
President Donald Trump is likely to dust off a 1930 trade law largely forgotten for decades to back his new reciprocal U.S. tariffs that will match other countries' higher import taxes, trade and ...
The FTC (and DOJ) should return to the consumer welfare standard instead of persisting in the economic illiteracy and noncomprehensive jurisprudence promulgated by the 2023 guidelines.
Along with the Federal Trade Commission the Department of Justice in Washington, D.C. is the public enforcer of antitrust law. Federal Trade Commission building, view from southeast. The federal government, via both the Antitrust Division of the United States Department of Justice and the Federal Trade Commission, can bring civil lawsuits ...
Some economists caution that Trump’s language about America’s trade gap presents an unfair representation of what has become a crucial mechanism for the US economy — its ability to purchase ...
After the Great Depression, the country emerged as among the most significant global trade policy-makers, and it is now a partner to a number of international trade agreements, including the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). Gross U.S. assets held by foreigners were $16.3 trillion as of the ...