Antitrust laws were put in place to promote vigorous competition but also to protect consumers against mergers and unfair trade practices. The first antitrust law passed by Congress is called the Sherman Act and is a "comprehensive charter of economic freedom designed to preserve free and unfettered competition as the rule of commerce" according to www.FTC.gov. Later in 1914, Congress passed two more laws, one creating the Federal Trade Commission Act (FTCA) and then the Clayton Act, which now create the three major federal antitrust laws still in effect. Although they have changed over the last hundred years, they still have the same concept: "protecting the process of competition for the benefit of consumers, ensuring that businesses have strong incentives to operate efficiently, to keep prices low and maintain high quality. " as noted by the FTC.gov website on antitrust laws. The first of the three major federal antitrust laws is the Sherman Act which was created in 1980. This law will not allow competitors to set a fixed price on a product or to allow a company to become a monopoly Violating the Sherman Act can normally be punished as a criminal offense, with individuals fined up to $350,000, with corporations fined up to $10. million dollars and corporations up to $100 million per offense There are also prison sentences that can be served by each, with the individual being sentenced to up to three years in prison and a company. up to ten years in prison per offense when the Sherman Act is violated The Clayton Act which was passed only 34 years later in 1914, there are no criminal penalties such as the. Sherman Law. This law will not allow the completion of a merger which would reduce competition from a producer...... middle of paper ....... There will be consequences. Works Cited United States Federal Trade Commission: Guide to Antitrust Laws. Retrieved from: http://www.ftc.gov/tips-advice/competition-guidance/guide-antitrust-laws US Department of Justice: Antitrust and Consumer Law Enforcement. http://www.justice.gov/atr/public/div_stats/antitrust-enfor-consumer.pdf Accessed 05/27/2014Katz, Mitchell J. (2013). “Certegy Check Services to Pay $3.5 Million for Alleged Violations of Fair Credit Reporting Act and Vendor Rule” http://www.ftc.gov/news-events/press-releases/2013/08/certegy -check-services-pay -35-million-alleged-violations-fair: retrieved 05/20/2014Katz, Mitchell J. (2014). “TeleCheck to Pay $3.5 Million for Fair Credit Reporting Act Violations” http://www.ftc.gov/news-events/press-releases/2014/01/telecheck-pay-35-million-fair -credit-reporting-act -violations Retrieved on 5/20/2014