The Federal Trade Commission Act is the primary statute of the Federal Trade Commission. Under this Act, the Commission is responsible for preventing unfair methods of competition, and unfair acts or practices in or affecting commerce, seeking monetary reimbursement for negative conduct to consumers; creating trade regulation rules defining with specific acts or practices that are unfair or deceptive, and establishing requirements designed to prevent such acts or practices; conducting investigations relating to the organization, business, practices, and management of entities engaged in commerce, and make reports and legislative recommendations to Congress.
I totally agree with all the above principles of The Federal Trade Commission Act. These are needed to make sure that one business does not have a monopoly over a certain industry. One example is cell phone providers. There are numerous cell phone providers including Sprint, Verizon, TMobile, AT&T, Boost Mobile and Ting, just to name a few. Without the input
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For example, when Staples acquired Office Depot this year, or when Ace Insurance acquired Chubb Insurance last year. These are instances when the same type industry company is becoming one with another. Current law requires companies to report any deal that is valued at more than $78.2 million to the agencies (both the Federal Trades Commission and The Department of Justice) so they can be reviewed. They want to make sure that combining both companies does not substantially lessen competition in that industry. There is an initial waiting period of 30 days for documents to be reviewed and determined that the deal is legal. If more information is required or something does not look right, additional time will be needed to process the request. These reviews benefit both the company being taken over and the company that is taking over the smaller