What were some of the economic reforms passed during woodrow wilson’s presidency

Answer 1

During Woodrow Wilson's presidency, several economic reforms were passed. Some of the significant economic reforms during his administration include:

1. Federal Reserve Act (1913): This act created the Federal Reserve System, which established central banking in the United States. It aimed to provide a more stable financial system, regulate monetary policy, and prevent future financial crises.

2. Clayton Antitrust Act (1914): This act strengthened the Sherman Antitrust Act and aimed to prevent unfair business practices, such as price-fixing and monopolistic activities. It prohibited practices that limited competition and allowed for more effective regulation of corporations.

3. Federal Trade Commission Act (1914): This act created the Federal Trade Commission (FTC) to enforce antitrust laws and prevent unfair business practices. The FTC was given the authority to investigate and regulate corporations engaging in anti-competitive behavior.

4. Underwood-Simmons Act (1913): This act introduced a significant reduction in tariff rates and aimed to promote free trade. It aimed to reduce the power of protective tariffs and increase competition in the domestic market.

5. Revenue Act of 1916: This act, commonly known as the "War Revenue Act," increased income taxes to fund military preparedness. It introduced progressive income tax rates and implemented additional taxes on estates, inheritances, and munitions.

These economic reforms aimed to regulate businesses, promote competition, ensure a stable banking system, and address income inequality.