Question

1. Describe the responsibilities of the three federal regulatory agencies in the United States.

Answer 1

Regulatory agencies in US deal are the government departments that deal in the areas of acts and regulations for various sectors in US. President appoints leaders in these agencies.Some of the federal agencies and its responsibilities are

1) Commodity Futures Trading Commission (CFTC)- This agency is an independent agency formed in the year 1974. It regulates derivatives market including options, futures and swaps. It protects market users against manipulations and frauds in commodity exchange markets. It tries to ensure efficiency through healthy competition in the market. This agency tries to promote integrity in the market through sound regulatory measures.

2) Environmental Protection Agency (EPA) - EPA was established in the year 1970. This agency is tasked with environmental protection matters. This agency has a mission of clean water, air and and land for Americans, to use scientific techniques to reduce environmental risk and to ensure that environmental protection laws are effectively and fairly implemented. They enforce laws through fines and penalties. This agency works with various government agencies and industries to promote energy conservation and prevent pollution voluntarily.

3) Food and Drug Administration (FDA) - It was founded in the year 1906. This agency has the responsibility of maintaining public health through strict control and supervision of various edible products like dietary supplements, animal food, various tobbaco products, over the counter pharmaceutical drugs etc. It tries to ensure the safety of food supply in U.S. along with variety of cosmetic products and medical devices intended for human use.It comes under department of Health and Human Services in U.S. This is to ensure health and safety of health in U.S.