The trade regulation law governs the unfair competition methods and deceptive business practices. The aim of such laws is to ensure that the economy is free but competitive. The US Constitution has entrusted the Congress with the responsibility of enacting these laws. The Congress regulates trade activities and practices between the US states and even those with the foreign countries. Each state has its own set of trade regulations for trade activities happening within it.
The sub sections of the trade regulation law are,
The Antitrust law brackets the trade regulation law. It prevents anti-competitive business practices and conduct including bid rigging, trusts, merger control, predatory practices, monopoly and price-fixing. Many of the US states have their own statutes governing monopolistic practices, price fixing activities, and other such anti-competitive practices. All these statutes facilitate free trade in these states.
The Federal Trade Commission governs the Consumer Protection wing of the trade regulation law. It prevents deception, fraud and other such unfair practices in business and trade. The FTC also prohibits anti-competitive mergers or activities that would restrict competition and in turn, harm consumers.
In addition to the FTC, the following are few of the agencies that assist in the enforcement of the trade regulation guidelines and rules,
The Department of Commerce helps promote the creation of jobs, technological development and economic growth. It collaborates with different communities, schools and business to accomplish its tasks. The International Trade Administration helps in promoting investments and trade by enforcing US trade agreements and laws.