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:

Federal Trade Commission Act (1914)

1) Link to the Text of the Act
Read the statute (15 U.S.C. §§ 41–58)

2) Why It Was Done
The FTC Act was enacted to establish the Federal Trade Commission and empower it to prevent unfair methods of competition and unfair or deceptive acts or practices in commerce.

3) Pre-existing Law or Constitutional Rights
The Sherman Act (1890) and Clayton Act (1914) addressed monopolization and certain business practices but lacked a dedicated enforcement agency. The FTC Act created an independent body to oversee and enforce fair trade.

Federal Food, Drug, and Cosmetic Act (FDCA, 1938)

1) Link to the Text of the Act
Read the statute (21 U.S.C. § 301 et seq.)

2) Why It Was Done
The FDCA was passed after a public health disaster involving a toxic drug (Elixir Sulfanilamide) killed over 100 people. It gave the Food and Drug Administration (FDA) authority to oversee food, drugs, and cosmetics for safety.

3) Pre-existing Law or Constitutional Rights
The Pure Food and Drug Act of 1906 provided some regulation but lacked teeth. It did not require pre-market safety approval for drugs. The FDCA created stronger standards.

Truth in Lending Act (TILA, 1968)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1601 et seq.)

2) Why It Was Done
TILA was enacted to ensure consumers receive clear and accurate information about the costs of credit, preventing deceptive practices and enabling informed borrowing decisions.

3) Pre-existing Law or Constitutional Rights
Before TILA, credit terms were often hidden or misleading, with no standardized disclosure requirements. State laws varied widely, creating confusion and abuse.

Fair Credit Reporting Act (FCRA, 1970)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1681 et seq.)

2) Why It Was Done
The FCRA was enacted to promote accuracy, fairness, and privacy in consumer credit reporting. It regulates how consumer information is collected, used, and shared.

3) Pre-existing Law or Constitutional Rights
Before 1970, credit bureaus operated with little oversight, often compiling inaccurate or secret files on consumers. FCRA established federal rights to transparency and correction.

Consumer Product Safety Act (CPSA, 1972)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 2051 et seq.)

2) Why It Was Done
The CPSA was enacted to protect the public from unreasonable risks of injury or death associated with consumer products. It created the Consumer Product Safety Commission (CPSC).

3) Pre-existing Law or Constitutional Rights
Prior to 1972, consumer product regulation was scattered across various agencies, leaving many household goods unregulated for safety. The CPSA centralized oversight.

Fair Debt Collection Practices Act (FDCPA, 1977)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1692 et seq.)

2) Why It Was Done
The FDCPA was enacted to eliminate abusive, deceptive, and unfair debt collection practices, while ensuring ethical collectors could still recover debts.

3) Pre-existing Law or Constitutional Rights
Before the FDCPA, debt collection was largely unregulated at the federal level, and consumers had few protections against harassment or abuse by collectors.

Bankruptcy Reform Act of 1978

1) Link to the Text of the Act
Read the statute (11 U.S.C. § 101 et seq.)

2) Why It Was Done
The Act overhauled federal bankruptcy law, replacing the Bankruptcy Act of 1898 with the modern Bankruptcy Code, designed to balance debtor relief with creditor protections.

3) Pre-existing Law or Constitutional Rights
The U.S. Constitution (Article I, Section 8) gives Congress power over bankruptcy, but laws before 1978 were fragmented. The old system was criticized as outdated and inconsistent.

Electronic Fund Transfer Act (EFTA, 1978)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1693 et seq.)

2) Why It Was Done
The EFTA was enacted to protect consumers in electronic banking transactions, ensuring fair treatment, clear disclosures, and protection against unauthorized transfers.

3) Pre-existing Law or Constitutional Rights
Before EFTA, consumer protections for electronic payments (ATM, debit cards, direct deposit) were minimal. Traditional banking laws didn’t account for new technologies.

Children’s Online Privacy Protection Act (COPPA, 1998)

1) Link to the Text of the Act
Read the statute (15 U.S.C. §§ 6501–6506)

2) Why It Was Done
With the rise of the internet in the 1990s, Congress passed COPPA to protect children’s personal information online. It restricts websites and online services from collecting data from children under 13 without parental consent.

3) Pre-existing Law or Constitutional Rights
Before COPPA, no federal law specifically regulated the collection of children’s personal information online. COPPA built on consumer protection principles and the right to privacy, placing obligations on businesses rather than children or parents.

Gramm–Leach–Bliley Act (GLBA, 1999)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 6801 et seq.)

2) Why It Was Done
GLBA was enacted to modernize financial services by repealing parts of the Glass–Steagall Act (1933), allowing banks, securities firms, and insurance companies to affiliate. It also added consumer financial privacy protections.

3) Pre-existing Law or Constitutional Rights
The Glass–Steagall Act had separated commercial and investment banking since the Great Depression. GLBA dismantled that separation and introduced new privacy obligations.

Economic Growth, Regulatory Relief, and Consumer Protection Act (2018)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 5365 et seq.)

2) Why It Was Done
Passed to amend and roll back parts of the Dodd–Frank Act (2010), the Act was intended to ease regulatory burdens on small and mid-sized banks while maintaining protections for consumers and systemic risk oversight.

3) Pre-existing Law or Constitutional Rights
Dodd–Frank imposed strict oversight on nearly all banks with assets over $50 billion. This Act raised that threshold and loosened some compliance rules, but did not alter constitutional rights.