Question

Name 2 Federal agencies that are involved in making laws that regulate corporate ethics and describe the role of those agencies in our society.

Answer 1

Consumer Product Safety Commission (CPSC)

The Commission on Consumer Product Safety is responsible for the safety of consumer products. Congress passed the Consumer Product Safety Act in 1972, which granted the CPSC powers to protect consumers from dangerous consumer products. They accomplish this role by evaluating consumer product safety, establishing guidelines, and conducting health-related research. For example, the CPSC recently issued a warning about folding lounge chairs as consumers reported falling when using them.

Federal Trade Commission (FTC)

Initially created in 1914, the Federal Trade Commission (FTC) was an organization that carried an antitrust gun. Finally, the powers of the commission were extended to protect consumers from false advertising and fraud as well. There are many specific areas addressed by the FTC in terms of public safety. For example, companies marketing to children have been the most recent areas of concern. The FTC was able to finish $19 million from a large technology firm for wrongly billing parents for the licensed app purchases of their children.