¿Have you heard of the FTC Federal Trade Commission?
Created in 1914, its purpose was to prevent unfair competition methods within commerce as part of the “end to monopolies” battle.
FTC is the national consumer protection agency of the United States; Its mission is to protect people from deceptive and fraudulent practices and to promote competition.
Its primary purpose is to enforce noncriminal antitrust laws in the United States, preventing and eliminating anticompetitive business practices, including coercive monopoly.
The FTC also seeks to protect consumers from predatory or deceptive trade practices; its activities include investigating fraud or false advertising, conducting investigations of scams and unfair trade practices, consulting Congress, and providing pre-merger notices.
¿How does the FTC benefit consumers?
As a consumer or trader, you may be better served than you think by the FTC’s work since it deals with issues that affect the economic life of every single American, including international influence.
It is the only federal agency with jurisdiction in consumer protection and competition in broad sectors of the economy. Works for vigorous and effective law enforcement; promote consumer interest by sharing its experience and knowledge with federal and state legislatures and with US and international government agencies; develops policy and research tools through hearings, workshops, and conferences; and generates practical, plain language educational programs for consumers and businesses interacting in a global marketplace with ever-changing technologies.
The consequences of a breach range from business interruption or fines that can go as high as $100,000 for violations (in the case of the FTC Safeguards Rule) to even legal action.
Suppose an FTC investigation reveals illegal activities by one or more companies within an industry. In that case, they may seek voluntary compliance records through a consent order, initiate federal litigation or file an administrative complaint. Traditionally, such a complaint would be heard before an administrative law judge (ALJ) and can be appealed to the U.S. Court of Appeals and the Supreme Court.
The easiest way to avoid penalties from the TFC is to protect yourself and your customers by knowing the rules that your business must comply with, as they are constantly evolving due to advances in commerce technology. If you have doubts regarding this or other trade issues, it is best to have specialized advice adapted to the characteristics of your business. At Dapango, we know the challenge of modernizing your business as a leading advisory, adoption, and delivery service provider. We generate safe and profitable solutions that take your business to where it needs to go. We work with companies, are where we are, and help them get where we want to be. No matter your challenges or needs.
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