What are the federal laws governing business transactions?
Federal laws governing business transactions in North Carolina are legislated and enforced by the federal government, meaning all U.S. states must abide by the same rules and regulations. The most significant federal laws are the Sherman Antitrust Act of 1890, which seeks to protect U.S. markets from monopolistic practices, and the Robinson-Patman Act of 1936, which focuses on prohibiting price discrimination. The Sherman Antitrust Act is used to prevent businesses from engaging in anti-competitive practices such as price-fixing, bid-rigging, and other activities that reduce competition and consumer choice in the marketplace. It is enforced by the Federal Trade Commission (FTC), which is responsible for investigating and prosecuting any business that violates the law. The Robinson-Patman Act prohibits price discrimination by businesses, meaning that businesses must not offer lower prices to certain buyers or groups of buyers than they offer to others. This law is also enforced by the FTC, and it seeks to ensure that businesses are not creating unfair advantages by providing different prices to different groups of people. In addition, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 regulates certain aspects of the financial sector, including consumer banking and investment practices. Finally, the Federal Trade Commission Act of 1914, while not specifically focused on business transactions, is responsible for establishing the FTC and its powers to investigate and prosecute businesses that are engaged in deceptive or unfair practices.
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