Federal Trade Commission
By: Gabriella Squillo & Celine Auriemma
What it does:
The Federal Trade Commission (FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and prevention of anti-competitive business practices, such as coercive monopoly.
Fact 1:
In recent decades the fast-paced development of high-tech applications in the business world has necessitated continual education for users of high-tech devices, and for the FTC as well. With the accumulation of facts and information on these technologies and the business practices associated with them, the FTC is better equipped to issue appropriate protective regulations.
Fact 2:
At first, the FTC was charged with the responsibility of preventing or dissolving monopolies, and to bring civil law suits against violators of the law.
Fact 3:
The Act supported by the Agency was pushed by Woodrow Wilson.
Example:
#1:
A bicycle is assembled in the United States, and its frame is manufactured in the United States. Of the remaining parts of the bicycle (tires, derailleur, gear shift, etc.), some are manufactured in the United States and some are imported from foreign countries. Overall, U.S. costs constitute 75% of the total costs of manufacturing the product. In addition, under U.S. Customs Service rulings, the bicycle would be considered to have been last substantially transformed in the United States. It would likely not be deceptive for the bicycle to be labeled "Made in USA."