Consumer & Commerce Timeline

Consumer & Commerce – Timeline of Key Acts

Congress has passed landmark consumer protection and commerce laws to regulate markets, prevent abuses, and protect individual rights. This timeline highlights the most relevant acts still shaping commerce and consumer law today.

Sherman Antitrust Act (1890)

  • First federal law prohibiting monopolies and restraints of trade.
  • Foundation of U.S. antitrust enforcement.

Clayton Antitrust Act (1914)

  • Strengthened antitrust law by prohibiting specific anti-competitive practices like price discrimination and exclusive contracts.
  • Allowed private lawsuits for triple damages.

Federal Trade Commission Act (1914)

  • Created the FTC to prevent “unfair methods of competition” and deceptive practices.
  • Still the core law for consumer protection and competition enforcement.

Truth in Lending Act (TILA, 1968)

  • Required lenders to clearly disclose loan terms, APR, and borrower rights.
  • Codified at 15 U.S.C. § 1601 et seq.

Fair Credit Reporting Act (FCRA, 1970)

  • Regulated collection and use of consumer credit information.
  • Gave consumers rights to access and correct credit reports.

Fair Debt Collection Practices Act (FDCPA, 1977)

  • Restricted abusive or deceptive practices by debt collectors.
  • Still one of the strongest consumer financial protection laws.

Electronic Fund Transfer Act (EFTA, 1978)

  • Provided consumer protections for ATM, debit card, and electronic transfers.
  • Codified at 15 U.S.C. § 1693 et seq.

Bankruptcy Reform Act (1978)

  • Overhauled bankruptcy law, creating the modern Bankruptcy Code.
  • Balanced debtor relief with creditor rights.

Consumer Product Safety Act (1972)

  • Created the Consumer Product Safety Commission (CPSC).
  • Authorized regulation and recalls of hazardous consumer products.

Recent Updates & Continuing Impact

  • Many of these laws were later folded under the Consumer Financial Protection Bureau (CFPB) via the Dodd–Frank Act (2010).
  • Antitrust law is being reexamined in the digital economy era (Big Tech cases).
  • Credit reporting, debt collection, and consumer data use remain active areas of litigation and reform.

Why It Matters Today

These acts:

  • Ensure fair competition in markets.
  • Protect consumers from fraud, deception, and abuse.
  • Regulate the flow of credit, debt, and commerce that underpins the U.S. economy.

Official Sources