Identify one agency, bureau or department within the federal government responsible for upholding regulations that impact business operations. A few examples are the Environmental Protection Agency (EPA), Internal Revenue Service (IRS), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) or Department of Commerce. Research and explain the purpose of the agency, bureau and how it directly impacts business.
The Federal Trade Commission
The Federal Trade Commission (FTC) is a sovereign administrative agency of the United States government that was established way back in 1914 purposely to administer the requirements of the Federal Trade Commission Act which outlaws unjust and malpractices in business including domination of cartels, anticompetitive unions, price-fixing, bid-rigging, deceitful advertisements and baseless product claims. The FTC is seen as a law administration entity however, it has no disciplinary powers but can issue cease commands and contend lawsuits in federal and administrative tribunals. Over the years the federal government has imparted additional legalities on the FTC to administer a wide range of other consumer protection laws and remains a steadfast entity in in advancing consumer welfares while encouraging improvement completion in states’ dynamic economy (U Ward, P. C. 2006) these significant mandates of FTC has contributed to smooth, safe and fair commercial operation inclusive of all relevant stakeholders.
The creation of FTC was pursuant and responsive to the public outrage over the anticompetitive trust between 19th and 20th century in commercial spheres which was as a result of policy makers president Woodrow Wilson inclusive trying to break part dominations that inhibited competition from less significant and less powerful business entities (United States. 2010.
The purpose of the Federal Trade Commission
Firstly, the FTC plays an integral role in the world’s market by developing functional legalities and research tools through seminars, workshops, conventions a...