Federal Trade Commission Act Federal legislation passed in 1914 that created the Federal Trade Commission and gave it the responsibility to monitor deceptive or misleading advertising and unfair business practices.
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"Our philosophy has always been to compete with our competitors in their backyards. We feel that if we can compete effectively with Siemens in Germany, then surely we can compete with them in the United States or the rest of the world. But we have to wage battle on their home turf." -- William W. George