The Federal Trade Commission (FTC) is a US agency which protects consumers against fraudulent business practices. When consumers report such incidences, the agency conducts investigations and sues companies that have broken trading laws. The FTC also educates businesses and consumers about various topics in business. For instance, according to their website, there is an upcoming conference in December titled “Making Competition Work: Promoting Competition in Labor Markets” (The Federal Trade Commission.). FTC promotes fair competition between businesses and ensures consumer safety.
The Federal Deposit Insurance Corporation (FDIC) is also concerned with protecting consumers. Its purpose is to create stability within the financial system. It does this through actions such as overseeing financial institutions and insuring deposits (The Federal Deposit Insurance Corporation, n.d.). People are reluctant to bank or conduct financial transactions in a system they cannot trust. In the past, the safety of the banking system has been compromised by unsafe practices by banks. Now, the FDIC exists to ensure accountability and transparency, which promotes economic growth. Through their various initiatives, the FDIC promotes economic inclusion.
The Overseas Private Investment Corporation merged with another government agency to form the U.S. International Development Finance Corporation (DFC). The purpose of this new corporation is to partner with players in the private sector to invest in various sectors including healthcare, agriculture, technology, and critical infrastructure (The U.S. International Development Finance, n.d.). These investments are made in America and in the developing world. The ultimate goal is to make America more competitive while also improving global trade.
Going through these websites, I noticed that there are many initiatives meant to improve America’s economy. However, it is impossible to grow the economy without involving citizens. Citizens participate in the financial industry through activities such as banking and investment when they trust the system. I also noticed that technology has made it possible for extensive research on economics topics to be conducted and the results made available for everyone to read.
References
The Federal Deposit Insurance Corporation. (n.d.). Web.
The Federal Trade Commission. (n.d.). Web.
The U.S. International Development Finance. (n.d). Web.