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Consumer Protection. Laws and Agencies that Provide Financial Safeguards. BIG IDEAS. Credit and debt can be used to achieve personal financial goals Consumer protection laws provide financial safeguards. What rights do you think you have as a consumer?. Consumer Protection Laws.

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Consumer protection

Consumer Protection

Laws and Agencies that Provide Financial Safeguards

Big ideas

  • Credit and debt can be used to achieve personal financial goals

  • Consumer protection laws provide financial safeguards

Consumer protection laws
Consumer Protection Laws

  • Federal, state and local laws provide safeguards for personal finances

  • Laws are monitored and enforced by different government organizations

    • Securities and Exchange Commission (SEC)

    • Federal Trade Commission (FTC)

    • Consumer Product Safety Commission (CPSC)

Securities and exchange commission
Securities and Exchange Commission

  • Regulates the buying and selling of stock

  • Monitors brokerage firms and stock exchanges

  • Investigates possible “wrong doing” in regards to the trading of stocks and securities

  • A large government bureaucracy

Securities and exchange commission1
Securities and Exchange Commission

  • Investigates potential manipulation of the market

    • “Well-timed” sales of stock

    • Often referred to as “insider trading”

      • When a stock holder has “inside” knowledge about the future of a particular stock’s value

Securities and exchange commission2
Securities and Exchange Commission

Not all actions on the stock market are legal

Rules and regulations are based on Acts passed by Congress

Federal trade commission
Federal Trade Commission

  • Provide financial safeguards

  • Includes the Bureau of Consumer Protection

    • Protects consumers against unfair, deceptive or fraudulent practices

    • Enforces consumer protection laws enacted by Congress

    • Regulates financial practices

Federal trade commission1
Federal Trade Commission

  • Originally created as a way for the federal government to engage in “Trust Busting”

  • Still enforces antitrust regulations

  • Protects consumers from fraud

Consumer product safety commission
Consumer Product Safety Commission

  • Issues recalls on products available for purchase

    • NOT food (FDA)

  • Publishes information about product safety

  • Publishes annual list of “safe holiday toys”

Other organizations
Other Organizations

Better Business Bureau

Ohio Consumer’s Council

“Residential utilities consumer advocate”

Educates consumers about utility issues

Acts as a representative for Ohio residents in court against utility companies

Electric, Water, Natural Gas, Telephone

Allows a person to:

Research companies

File a complaint about a company

Provide information about types of scams

Is both national and local – Cleveland has a branch