FTC

Government agency created in 1915, under the Federal Trade Commission Act of 1914, whose purpose is to protect the system of free enterprise and competition in the interests of a strong economy. In the words of the Federal Trade Commission Act, Section 5, the FTC is responsible to "promote free and fair competition in interstate commerce in the interest of the public through prevention of price-fixing agreements, boycotts, combinations in restraint of trade, unfair methods of competition, and unfair and deceptive acts and practices." The commission consists of five commissioners, each of whom serves a seven-year term. Not more than three of the members may be from the same political party. The FTC is empowered to investigate interstate and foreign commerce as well as to take legal action to enforce the laws that fall under its jurisdiction. In the advertising industry, the FTC functions to prevent fraudulent or deceptive advertising, and unfair trade practices.

Insurance Dictionary: Federal Trade Commission (FTC)
Top Home > Library > Business & Finance > Insurance DictionaryGovernment agency, under the McCarran-Ferguson Act (Public Law 15) that has no authority over insurance matters to the extent the states regulate insurance to the satisfaction of Congress. However, this does not prevent the FTC from conducting investigations into the insurance industry. For example, in 1970 the Congress charged the FTC with the responsibility of enforcing the Fair Credit Reporting Act which requires an insurance company to notify an insurance applicant of an impending Inspection Report and to release information so collected to the applicant upon request. If the report results in the applicant's rejection for insurance, he must be notified of the adverse report and his right to its contents. Perhaps the best known FTC investigation involved its study "Life Insurance Cost Disclosure," that was extremely critical of industry cost disclosure practices.

Real Estate Dictionary: Federal Trade Commission (FTC)
Top Home > Library > Business & Finance > Real Estate DictionaryA federal agency, headquartered in Washington, DC, that regulates advertising and other promotion and sales practices of firms engaged in interstate commerce. The FTC does not regulate interstate land sales (HUD), anticompetitive activities (JUSTICE), or sale of securities (SEC).
Example: Abel, a builder, was found guilty of false television advertising by the FTC.

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