Woodrow Wilson’s Progressive Program: Banking reform: Federal Reserve Act; Business regulation: Clayton Antitrust Act, Federal Trade Commission; Progressive Party Platform; Priming (1 janv. 1913 – 1 nov 1916)

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Wilson immediately got to work on carrying out his Progressive Program, reducing tariffs and adopting a new graduated income tax (among other revenues) to make up for the money usually raised through tariffs. He then focused on banking reform, believing that the gold standard was too rigid and one-sided in favor of wealthy Wall-Street stock speculators; he eventually persuaded Congress to pass the Federal Reserve Act of 1914 which established a national system (comprised of 12 district banks regulated by the Federal Reserve Board) and ordered the issuing of Federal Reserve Notes – the same type of dollar bills we use today. Wilson’s plan to increase business regulation was bolstered by the passage of the Clayton Antitrust Act and the establishment of the Federal Trade Commission, both of which occurred in 1914. The former enhanced the government’s ability to break apart monopolies by finally strengthening the weak and poorly written provisions of the Sherman Antitrust Act (it also exempted unions from being prosecuted as trusts), while the latter served to regulate trade and prosecute unfair practices across all industries except banking and transportation.

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