Trade Commission ActThe remaining basic piece of U.S. antitrust legislation is the Federal Trade Commission (FTC) act. Section 1 of this act established the independent federal trade commission, with five members.

They are appointed by the president and confirmed by the senate for a term of 7 years. The important part of the FTC act, from the point of view of antitrust policy, is the following:

Section 5(a)(1). Unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce, are declared unlawful.