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Are United States Business Laws Effective At Promoting Fair Business Practices

878 words - 4 pages

The United States ranks as the highest gross domestic product nation in the world (Wickipedia, Retrieved March 22, 2014). This ranking indicates that millions of people buy, sell, trade and perform business transactions daily within a multitude of industries and professions. In order to preserve the trust and integrity of our financial systems, it is imperative that the United States implement, regulate, and enforce business practices to remain relevant and effective within the constantly changing global economic marketplace.
The United States has a long history of ensuring fair and balanced business practices through legislation. The Interstate Commerce Act of 1887, began a shift in the ...view middle of the document...

The previously detailed late 1800’s and early 1900’s laws have warranted the creation of various federal agencies who work to ensure and enforce the American economic principles and standards. The main agencies which currently promote United States business laws and practices are the Federal Trade Commission and the Small Business Administration.
The Federal Trade Commission, established September 26, 1914, has two key functions which include protecting consumers and promoting competition. (ftc.gov, Retrieved March 22, 2014). Consumer protections include opposing illegal, and unjust business practices within the American economy. The agency investigates, litigates and legislates to promote fair and sound business standards. Promotion of competition is accomplished by the enforcement of anti-trust laws, which results in lower prices, higher quality and free movement of goods. (ftc.gov, Retrieved March 22, 2014)
Per the 2014-2015 Federal Trade Commission Performance Plan, “The agency administers a wide variety of laws and regulations such as the Federal Trade Commission Act, Telemarketing Sales Rule, Identity Theft Act, Fair Credit Reporting Act, and Clayton Act. In total, the Commission has enforcement or administrative responsibilities under more than 70 laws (see http://www.ftc.gov/ogc/stats.shtm for a listing). The FTC also enforces rules issued pursuant to the Federal Trade Commission Act or other laws, including the Business Opportunity Rule and the Telemarketing Sales Rule.” (ftc.gov, Retrieved March 22, 2014)
In addition to the Federal Trade Commission, the other business agency which actively promotes fair American business practices is the Small Business Administration. On July 30, 1953 within the Small Business Act, the United States Congress formed the Small Business Administration for the intent to "aid,...

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