Group One
In 1911, John D. Rockefeller’s Oil company was broken up into 34 independent companies after the Supreme Court found it violated the Sherman Antitrust Act by using predatory pricing and secret railroad rebates to create a virtual monopoly. What group of the five laws and regulations that govern business activities did John D. Rockefeller’s Company break?
Regulation of competition: This is because Rockefeller’s company had turned into a monopoly by using anti-competitive practices such as price-fixing. By removing this monopoly, it allowed for more choices in oil, lower prices, and even increased innovation.
The Consumer Review fairness act of 2016, which prohibits the use of certain clauses in form contracts that restrict the ability of a consumer to communicate regarding the goods or services offered in interstate commerce that were the subject of the contract, falls under which group of laws and regulations that govern business activities?
Protection of consumers, as this law is in effect so that consumers can effectively communicate their opinions on goods and services received in an easily accessible way, this protects the rights of the consumers when giving their business to companies.
The Fair Labor Standards act of 1938 was a law put in place to set minimum age restrictions for employment and limit working hours for the youth. Which of the following groups does this law fall under?
Promotion of equity and safety as this group of law creates rules and regulations to ensure equity and safety within environments.
In 2010, the Deepwater Horizon Oil spill took place in the Gulf of America resulting in the pollution of oil within the ocean which followed with many lawsuits and Acts passed by the United States government. Which reform passed by the Bureau of Ocean Energy Management caused offshore oil drilling rigs to increase the number of inspectors and engineers on the platforms to ensure the safety of the environment and the workers within that environment?
The reform titled “Increasing Inspection and Engineering Workforce”. Which required the number of inspectors and engineers to increase as well as require them to al have specialized training on oil rigs to ensure compliance with the enhanced standards that resulted from this incident as well as an increase in review of permits and a higher volume of analysis to prevent these things from reoccuring.
In 2010, amendments were established to require chief compliance officers to make reports to their firms board rather than to the general council. How does this incentive encourage organizational compliance to deter misconduct?
By reporting to firms boards rather than the general council, it allows for incentives to be extended to all personnel within a firm to encourage organizational compliance programs