Question
list and describe at least two reforms wilson pushed to fix these issues
Answers
GPT 3.5
1. The Federal Reserve Act: Wilson pushed for the establishment of the Federal Reserve System, which was signed into law in 1913. This reform aimed to address the issue of financial instability by creating a central banking system in the United States. The Federal Reserve System provided a more flexible and robust monetary system, with the ability to lend money to banks in times of crisis, regulate interest rates, and influence overall economic policies. It aimed to promote stability, maintain the value of the US dollar, and prevent future financial panics.
2. The Clayton Antitrust Act: In 1914, Wilson signed into law the Clayton Antitrust Act, which aimed to enhance competition and curb the power of monopolies. This act was a response to the issue of unfair business practices and concentrated economic power that had emerged during the Gilded Age. The Clayton Antitrust Act prohibited price discrimination, exclusive dealing contracts, and acquisitions that substantially lessened competition. It also exempted labor unions from being prosecuted as combinations in restraint of trade, further promoting the rights of workers to organize and bargain collectively. This reform sought to create fairer and more competitive markets, protecting both consumers and smaller businesses from unfair business practices and monopoly power.
2. The Clayton Antitrust Act: In 1914, Wilson signed into law the Clayton Antitrust Act, which aimed to enhance competition and curb the power of monopolies. This act was a response to the issue of unfair business practices and concentrated economic power that had emerged during the Gilded Age. The Clayton Antitrust Act prohibited price discrimination, exclusive dealing contracts, and acquisitions that substantially lessened competition. It also exempted labor unions from being prosecuted as combinations in restraint of trade, further promoting the rights of workers to organize and bargain collectively. This reform sought to create fairer and more competitive markets, protecting both consumers and smaller businesses from unfair business practices and monopoly power.