What is the Federal Trade Commission Act?
The Federal Trade Commission Act is a U.S. federal law that established the Federal Trade Commission (FTC) in 1914. The act empowered the FTC to inspect unfair trade practices such as deceptive advertising, monopolies, and anti-competitive mergers. The FTC is given broad powers and authority to protect the public from unscrupulous businesses by investigating and prosecuting companies that engage in fraudulent or deceptive business practices. The Federal Trade Commission Act requires that business activities be fair, honest, and informed. This means that companies are obligated to provide consumers with accurate information about their products and services, and must refrain from misrepresenting or being overly aggressive in their marketing. The FTC also investigates and enforces anti-trust laws, which prohibit companies from forming monopolies and attempting to control prices. In Oregon, this law is enforced by the Oregon Department of Justice Consumer Protection Division. They investigate and prosecute businesses that violate the law. The law also provides consumers in Oregon with certain rights, such as the right to receive information about a product or service, the right to be refunded for goods that are not satisfactory, and the right to cancel contracts with a business. The Federal Trade Commission Act, along with other laws and regulations, is designed to protect consumers and promote a competitive market economy. It is an important tool to combat fraud and abuse in the business world, and it helps to ensure that consumers in Oregon will receive fair and honest treatment.
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