When was the Federal Trade Commission formed, and what are its powers under Section 5 of the Federal Trade Commission Act?

Question

What will be an ideal response?

Answer 1

Congress enacted the Federal Trade Commission Act in 1914. The Federal Trade Commission (FTC) was created the following year to enforce the Federal Trade Commission Act as well as other federal consumer protection statutes.
Section 5 of the Federal Trade Commission Act, as amended, prohibits unfair methods of competition and unfair or deceptive acts or practices. It has been used extensively to regulate business conduct. This section gives the FTC the authority to bring an administrative proceeding to attack a deceptive or unfair practice. If, after a public administrative hearing, the FTC finds a violation of Section 5, it may issue a cease-and-desist order, an affirmative disclosure to consumers, corrective advertising, or the like. The FTC may sue in state or federal court to obtain compensation on behalf of consumers. A decision of the FTC may be appealed to federal court.