4 the federal trade commission act gives the ftc the

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4. The Federal Trade Commission Act gives the FTC the authority to define and prohibit unfair methods of competition; generally, this refers to violations of the Sherman or the Clayton Act or of any other antitrust law. The Act also includes consumer protection as part of FTC’s mission. Pursuant to its consumer protection mission, the FTC has the power to prescribe trade regulations defining unfair or deceptive acts or practices and to establish requirements to prevent them, as well as to challenge unfair or deceptive acts or practices by foreign companies deemed to harm U.S. consumers. 5. A number of U.S. statutes provide limited immunity from antitrust laws in specified cases. Immunity is provided to certain activities in the agriculture sector under the Capper-Volstead Agricultural Producers' Associations Act, which allows collective action in the processing, preparing for market, handling, and marketing of agricultural products, and the Agricultural Marketing Agreement Act of 1937, which authorizes the Secretary of Agriculture to enter into marketing agreements exempted from the application of antitrust laws with producers and processors of agricultural commodities. The Act also allows the Secretary of Agriculture to enter into marketing orders, except for milk, to control the quantity of an agricultural product to increase the price. The Fishermen's Collective Marketing Act has similar provisions to the Capper-Volstead Agricultural Producers' Associations Act. The McCarran-Ferguson Insurance Regulation Act exempts the insurance business from antitrust laws to the extent "regulated by state law". 177 The Need-Based Educational Aid Act of 2001 extended until 2008 the antitrust exemption on institutional student aid under section 568 of the Improving America's Schools Act of 1994. 6. The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act, 15 U.S.C. 18a) requires parties to notify the FTC and DOJ, and observe a waiting period before undertaking certain 177 For further details see WTO (1999), Box III.4.
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United States WT/TPR/S/126 Page 76 acquisitions of voting securities or assets, in order to give those agencies the opportunity to obtain effective preliminary relief against anti-competitive mergers and thereby prevent harm to competition and consumers. The Gramm-Leach Bliley Act, enacted in 1999, allows for the combination of banking, securities, and insurance activities through newly created financial holding companies. It also amended the HSR Act to provide the FTC and the Justice Department with the authority to review non-bank acquisitions by financial holding companies, and directs designated federal banking agencies to make data deemed necessary by FTC and DOJ for antitrust review available to them (see also Chapter IV(8)).
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