- Federal Trade Commission
The Federal Trade Commission, also known as the FTC, is an agency of the government. Its main focuses are to protect consumers, stop monopolies, and keep competition between businesses. The FTC is part of the executive branch.
The FTC started during President Woodrow Wilson’s term following the signing of the FTC Act and the Clayton Act. It was decided that there were to be five members. These members would need to be nominated by the president and then the Senate must approve of them. No more than three could be from the same party and there would be a head chairman. The members, also known as commissioners, were to serve seven year terms with no term limits. Three terms, or 21 years, is the longest time served in the FTC. It was decided that the FTC also needed to be split into three bureaus.
The first bureau of the FTC is the Bureau of Competition. The main focus is to encourage competitionon of businesses and to fight monopolies. They also make sure consumers have quality goods and services and that markets stay open and free.
The Bureau of Consumer Protection is next. This bureau mainly deals with consumers. They watch out for consumers by making sure businesses are fair and honest. Also, they make sure our private information stays private. The bureau also investigates and sometimes sues companies that are not following the laws.
The last bureau of the FTC is The Bureau of Economics. This bureau looks at how the marketplace works, and how businesses and the government affect industries. Also economists give research to protect consumers and in investigating some companies.
I find it interesting that there are no term limits for the commissioners of the FTC. I think that every position should have term limits because we never want any one person to have too much control. I like how they thought of the fact that there cannot be more than 3 of the 5 commissioners from the same party. Over all I really appreciate all that the FTC does for consumers like me.
"Federal Trade Commission Protecting America's Consumers." Federal Trade Commission.
N.p., n.d. Web. 23 Sept. 2013.
2. Federal Reserve Act
The Federal Reserve Act was enacted in 1913 by Woodrow Wilson. Basically this act set up our Federal Reserve System and our banking system. The act also gave banks the right to issue money and allowed the currency and credit to move and expand within the United States. The act was designed to give the United States a safer and more reliable banking and financial system.
Before this act banks were not looked at as being very stable or reliable. There were many panics in the 8 years before this law and many people pulled out all of their money or investments from banks. When many people did this from the same bank it was called a bank run.
The Federal Reserve that was set up by the Federal Reserve Act is the central bank of the United States. There is a Federal Reserve Board that consists of seven governors. These governors are appointed by the president and then approved by the senate. These governors serve 14-year staggered terms. The Federal Reserve is split into four major areas.
The first area is in charge of directing our financial policy. This mainly deals with trying to keep prices stable and the unemployment rate down. The second area is in charge of looking out for consumers. They do this by making sure banks and other important financial places are following all rules and that these places are stable. The third area is mainly focusing on making sure that the banking system and financial system are stable at all times. The fourth area deals mainly with overseeing our nation’s payment systems and giving financial support to part of our government and to some foreign situations.
I really like the idea of having a Federal Reserve. Money, even though I hate to admit it, is a very important thing in today's world. The reliability of banks is incredibly important. If I did not think my money was safe I would have done just what the people back then did and take my money from the bank.
"Federal Reserve Education." The Structure of the Federal Reserve System -. N.p., n.d. Web. 23 Sept. 2013.
Comments
Excellent job Maggie! Well written!