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 Reserve Act (1913)

1) Link to the Text of the Act
Read the statute (12 U.S.C. § 221 et seq.)

2) Why It Was Done
Enacted to create a central banking system for the United States. The Act established the Federal Reserve System to provide a safer, more flexible, and more stable monetary and financial system.

3) Pre-existing Law or Constitutional Rights
Before 1913, the U.S. lacked a true central bank. Banking panics in the late 19th and early 20th centuries, especially the Panic of 1907, exposed the need for a lender of last resort and coordinated monetary policy.

Emergency Banking Act (1933)

1) Link to the Text of the Act
Read the statute (12 U.S.C. § 95)

2) Why It Was Done
Passed during the Great Depression after a banking panic, the Act gave President Franklin D. Roosevelt emergency powers to stabilize the financial system, reopen banks, and restrict gold transactions.

3) Pre-existing Law or Constitutional Rights
Prior banking laws had no mechanism for nationwide bank closures or emergency authority. The Act temporarily curtailed private property rights in gold to protect the financial system.

Glass–Steagall Act (Banking Act of 1933)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 24, 78, 377, 378)

2) Why It Was Done
Enacted during the Great Depression, the Act aimed to restore trust in the financial system by separating commercial and investment banking and creating the Federal Deposit Insurance Corporation (FDIC).

3) Pre-existing Law or Constitutional Rights
Before this Act, banks could engage in both deposit-taking and speculative investment, contributing to the 1929 stock market crash. The Act imposed structural restrictions on banks but did not directly override constitutional rights.

Securities Act of 1933

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 77a et seq.)

2) Why It Was Done
Passed in the wake of the 1929 stock market crash, the Act aimed to restore investor confidence by requiring transparency in the offer and sale of securities and preventing fraud.

3) Pre-existing Law or Constitutional Rights
Before 1933, securities offerings were regulated primarily at the state level (“blue sky laws”). The crash revealed the need for a strong federal disclosure regime.

Gold Reserve Act (1934)

1) Link to the Text of the Act
Read the statute (31 U.S.C. §§ 5116–5118)

2) Why It Was Done
Passed in the aftermath of the Great Depression and following the Emergency Banking Act of 1933, this Act transferred ownership of all monetary gold to the U.S. Treasury and gave the federal government control over gold reserves. It also authorized the President to devalue the dollar relative to gold.

Securities Exchange Act of 1934

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 78a et seq.)

2) Why It Was Done
The Act created the Securities and Exchange Commission (SEC) and gave it authority to regulate securities markets, broker-dealers, and ongoing disclosures by public companies.

3) Pre-existing Law or Constitutional Rights
The Securities Act of 1933 regulated initial offerings but did not cover trading of securities after issuance. The 1934 Act filled this gap and established a permanent federal regulator.

Bretton Woods Agreements Act (1945)

1) Link to the Text of the Act
Read the statute (22 U.S.C. §§ 286–286mm)

2) Why It Was Done
Enacted to approve U.S. participation in the Bretton Woods Conference agreements of 1944, which created the International Monetary Fund (IMF) and the World Bank. The goal was to stabilize exchange rates, promote international trade, and rebuild the global economy after World War II.

3) Pre-existing Law or Constitutional Rights
Before this Act, the U.S. had no formal role in a permanent international monetary system. The Constitution gave Congress authority over money and treaties, but this Act delegated substantial power to the executive branch in international finance.

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.

IMF Second Amendment Implementation Act (1976)

1) Link to the Text of the Act
Read the statute (Pub. L. 94–564)

2) Why It Was Done
This Act ratified U.S. participation in the International Monetary Fund’s (IMF) Second Amendment, which followed the Jamaica Accords of 1976. It formally abandoned the gold standard, authorized floating exchange rates, and eliminated gold’s role in the international monetary system.

3) Pre-existing Law or Constitutional Rights
Prior to this Act, the Bretton Woods system still nominally tied the U.S. dollar to gold for foreign governments, even after President Nixon suspended convertibility in 1971. This law permanently severed that tie, ending the last statutory role for gold in U.S. currency.

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.

Federal Reserve Reform Act (1977)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 225a, 263, 610)

2) Why It Was Done
Passed in the wake of the 1970s stagflation crisis, the Act clarified the Federal Reserve’s responsibilities, strengthened oversight, and set policy goals for monetary stability, employment, and growth.

3) Pre-existing Law or Constitutional Rights
Before this Act, the Federal Reserve’s mandate was less explicit. This law formalized a “dual mandate” of employment and price stability under Congress’s constitutional power over money.

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.

Depository Institutions Deregulation and Monetary Control Act (DIDMCA, 1980)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 226 note, 3501 et seq.)

2) Why It Was Done
Passed amid high inflation and interest rate volatility, the Act sought to modernize banking, improve monetary control, and promote competition. It phased out interest rate caps on deposits, expanded the Federal Reserve’s authority, and gave all banks access to Fed services.

Garn–St Germain Depository Institutions Act (1982)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 1464, 1701j–3, 3801 et seq.)

2) Why It Was Done
Enacted to address the crisis in the savings and loan (S&L) industry, the Act further deregulated depository institutions, expanded lending powers, and introduced new mortgage options. It was intended to give S&Ls more flexibility and prevent widespread failures.

3) Pre-existing Law or Constitutional Rights
The Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) had already begun phasing out deposit interest ceilings. Garn–St Germain went further, granting S&Ls broader powers in lending and commercial activity. No constitutional rights were directly altered.

Internal Revenue Code of 1986

1) Link to the Text of the Act
Read the statute (26 U.S.C.)

2) Why It Was Done
The Internal Revenue Code of 1986 was enacted as part of the Tax Reform Act of 1986, a major overhaul of the U.S. tax system. It simplified tax brackets, broadened the base, and closed loopholes while lowering overall rates.

3) Pre-existing Law or Constitutional Rights
Federal income tax authority comes from the 16th Amendment (1913). Prior versions of the tax code existed (notably the Internal Revenue Code of 1954), but the 1986 reform modernized it.

Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA, 1989)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 1811 et seq.)

2) Why It Was Done
Passed in response to the Savings and Loan crisis, FIRREA overhauled regulation of thrift institutions, abolished the Federal Home Loan Bank Board, created new oversight agencies, and authorized taxpayer funds to resolve failing S&Ls.

3) Pre-existing Law or Constitutional Rights
Previous deregulation under DIDMCA (1980) and Garn–St Germain (1982) had allowed excessive risk-taking, leading to collapse. FIRREA imposed stricter regulation and accountability, but did not alter constitutional rights.

Federal Deposit Insurance Corporation Improvement Act (FDICIA, 1991)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 1811 et seq.)

2) Why It Was Done
Passed after continuing bank and thrift failures in the late 1980s and early 1990s, FDICIA strengthened the FDIC’s authority, imposed stricter capital requirements, and introduced a system of prompt corrective action to intervene in troubled banks before collapse.

3) Pre-existing Law or Constitutional Rights
FIRREA (1989) had addressed the S&L crisis, but weaknesses remained in deposit insurance and bank supervision. FDICIA expanded federal authority over banks but did not directly impact constitutional rights.

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.

Sarbanes–Oxley Act (SOX) (2002)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 7201 et seq.)

2) Why It Was Done
Passed in response to corporate scandals like Enron and WorldCom, SOX aimed to restore investor confidence by improving corporate governance, financial disclosures, and accountability of executives and auditors.

3) Pre-existing Law or Constitutional Rights
The Securities Acts of 1933 and 1934 required disclosures but lacked strong penalties for fraud and weak oversight of auditors. SOX created new structures and stricter standards.

Emergency Economic Stabilization Act (EESA, 2008)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 5201–5261)

2) Why It Was Done
Passed during the 2008 financial crisis, the Act authorized the U.S. Treasury to purchase or insure up to $700 billion of troubled assets through the Troubled Asset Relief Program (TARP) to stabilize banks and credit markets.

3) Pre-existing Law or Constitutional Rights
No prior law gave the Treasury such sweeping authority to buy private financial assets. Critics argued it pushed the limits of the Commerce Clause and blurred the line between public and private finance, but it did not directly override constitutional rights.

Dodd–Frank Wall Street Reform and Consumer Protection Act (2010)

1) Link to the Text of the Act
Read the statute (12 U.S.C. § 5301 et seq.)

2) Why It Was Done
Enacted after the 2008 financial crisis, Dodd–Frank aimed to reduce systemic risk, increase transparency, and protect consumers from abusive financial practices.

3) Pre-existing Law or Constitutional Rights
The Glass–Steagall Act (1933) had separated commercial and investment banking but was repealed in 1999. Existing securities and banking laws failed to prevent the 2008 crisis. Dodd–Frank created a modernized regulatory framework.

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.