When was the consumer protection act created

The Great Recession was a global economic downturn that devastated world financial markets as well as the banking and real estate industries. The crisis led to increases in home mortgage foreclosures worldwide and caused millions of people to lose their life savings, their jobs When the United States Treasury began investigating Capone for income Roosevelt in , created Social Security, a federal safety net for elderly, unemployed and disadvantaged Americans. The main stipulation of the original Social Security Act was to pay financial benefits to The Stamp Act of was the first internal tax levied directly on American colonists by the British Parliament.

The act, which imposed a tax on all paper documents in the colonies, came at a time when the British Empire was deep in debt from the Seven Years' War and The Tea Act of was one of several measures imposed on the American colonists by the heavily indebted British government in the decade leading up to the American Revolutionary War The Townshend Acts were a series of measures, passed by the British Parliament in , that taxed goods imported to the American colonies.

But American colonists, who had no representation in Parliament, saw the Acts as an abuse of power. The British sent troops to America to Live TV. This Day In History. History Vault. Great Recession The Great Recession , a crisis that left millions of Americans unemployed and sparked worldwide economic decline, began in December and lasted well into Millions of Americans saw their home values drop, their savings shrink, their jobs eliminated, and their small businesses lose financing.

Credit dried up, and countless consumer loans — many improperly made to begin with — went into default. Many Americans took on loans that they did not fully understand and could not afford.

Although some borrowers knowingly took on too much debt, many Americans who behaved responsibly were also lured into unaffordable loans by misleading promises of low payments. Honest lenders that resisted the pressure to sell complicated products had to compete with their less responsible competitors. Even those who avoided the temptations of excessively risky credit were caught in its web. At the time, there were many attempts to secure control over food and drugs; most of these were involved imposing taxes and protecting American industry from imports.

In , Congressman Hendrick B. Wright of Pennsylvania made the first push for national legislation governing adulteration and misbranding of food and drugs. From that date until the adoption of the Wiley Pure Food and Drug Act of , nearly measures were introduced in Congress to protect the public.

The theory behind a competitive market was that it would keep prices kept low and quality high. Title XIV. Title X of this Act creates a new Bureau of Consumer Financial Protection within the Federal Reserve Board as a new supervisor for certain financial firms and as a rulemaker and enforcer against unfair, deceptive, abusive, or otherwise prohibited practices relating to most consumer financial products or services.

In addition, the Act amends the Electronic Fund Transfer Act a to provide for limitations on interchange transaction fees; b to prohibit exclusive payment networks and routing restrictions for debit cards; c to limit the restrictions that credit and debit card networks may impose on retailers regarding discounts or transaction amount limits based on form of payment, and d to provide standards for remittance fee practices.