Federal Trade Commission

Federal Trade Commission
In 1914, during the administration of President Woodrow Wilson, the Federal Trade Commission was created as an independent agency within the United States federal government. Its primary purpose is to protect consumers from business practices designed to circumvent competition like the massive "trusts" of the early years of the 20th century.

Today, among its other mandates, the FTC administers the Fair Credit Reporting Act and oversees the activities of consumer reporting agencies that collect and disseminate consumer credit information via credit histories or reports.

The FTC is administered by five commissioners with the day to day operations emanating from the Office of the Executive Director. The bulk of the commission's work is performed by three offices, the Bureau of Consumer Protection, the Bureau of Competition, and the Bureau of Economics.

The passage of the FTC in 1914 was a major success for the Progressive movement, a forward thinking political philosophy geared toward making government work for the benefit of the people.

More Credit-Card Terms Explained


Suggest an Article Haven´t found the article you are looking for, please suggest your article. We value all your suggestions.