E CS 22

Credit and Debt

Credit and debt can be used to achieve personal financial goals.

Content Statement

22. Consumer protection laws provide financial safeguards.

Content Elaborations

Consumer protection laws at the federal, state and local levels are designed to provide safeguards for personal finances. These laws are monitored and enforced by different government organizations including the U.S. Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) and individual state consumer protection agencies.

The SEC regulates the buying and selling of stocks. It monitors brokerage firms and stock exchanges.

Agencies within the FTC provide financial safeguards. For example, the FTC’s Bureau of Consumer Protection:

  • Protects consumers against unfair, deceptive or fraudulent practices;
  • Enforces consumer protection laws enacted by Congress; and
  • Regulates financial practices.

Other organizations and legal constraints at both the local and state levels exist to help protect individuals and their financial resources (e.g., Better Business Bureaus, Ohio Consumers’ Council, lemon laws).

Expectations for Learning

Explain how consumer protection laws provide financial safeguards.