1. Laws and Agencies that Provide Financial Safeguards Consumer Protection

2. BIG IDEAS Credit and debt can be used to achieve personal financial goals Consumer protection laws provide financial safeguards

3. What rights do you think you have as a consumer?

4. Consumer Protection Laws Federal, state and local laws provide safeguards for personal finances Laws are monitored and enforced by different government organizations Securities and Exchange Commission (SEC) Federal Trade Commission (FTC) Consumer Product Safety Commission (CPSC)

5. Securities and Exchange Commission Regulates the buying and selling of stock Monitors brokerage firms and stock exchanges Investigates possible “wrong doing” in regards to the trading of stocks and securities A large government bureaucracy

7. Securities and Exchange Commission Investigates potential manipulation of the market “Well-timed” sales of stock Often referred to as “insider trading” When a stock holder has “inside” knowledge about the future of a particular stock’s value

8. Securities and Exchange Commission Not all actions on the stock market are legal Rules and regulations are based on Acts passed by CongressActs passed by Congress

9. Federal Trade Commission Provide financial safeguards Includes the Bureau of Consumer Protection Protects consumers against unfair, deceptive or fraudulent practices Enforces consumer protection laws enacted by Congress Regulates financial practices

10. Federal Trade Commission Originally created as a way for the federal government to engage in “Trust Busting” Still enforces antitrust regulations Protects consumers from fraud

11. Consumer Product Safety Commission Issues recalls on products available for purchase NOT food (FDA) Publishes information about product safety Publishes annual list of “safe holiday toys”

12. Other Organizations Better Business Bureau Ohio Consumer’s Council “Residential utilities consumer advocate” Educates consumers about utility issues Acts as a representative for Ohio residents in court against utility companies Electric, Water, Natural Gas, Telephone Allows a person to: Research companies File a complaint about a company Provide information about types of scams Is both national and local – Cleveland has a branch