Wilson's Refroms
Thesis - Wilson’s war against Triple Wall of Privilege
During his Presidency, Woodrow Wilson made it his agenda to bring reform in the tariff, the banks, and the trusts. In 1913, he called a special meeting of Congress to address the tariff and passing of Underwood Tariff Bill, which greatly reduced the tariff rates. Although it was opposed by lobbyists, but he successfully convinced the Congress to pass the bill. Then afterwards due to Underwood Tariff bill and authority from the 16th Amendment, Congress enacted Graduated income tax, which increased the revenue made from tariff. In the same year 1913, he signed the Federal Reserve Act that brought reform in the banking system. By the Act, a Federal Reserve Board was created to monitor the financial system and guaranteed substantial level of public control. The board was empowered to issue paper money known as Federal Reserve Notes. And at the last, Wilson attacked trusts by the Federal Trade Commission Act of 1914 and Clayton Anti-Trust Act of 1914. Under Federal Trade Commission act an authority was commissioned by President to investigate interstate commerce and to stop unfair trade practices in order to eliminate monopolies. And Clayton Anti-Trust act, 1914, passed by the Congress as an amendment to clarify and supplement the Sherman Antitrust Act of 1890. The act prohibited the price fixing, rebates, price discrimination and exclusive sales dealings and it also legalized peaceful strikes and boycotts against companies.
Conclusion - Wilson’s reform introduced several policies and acts that provided a framework for the nation’s bank, credit and eliminates monopolies. The reform programs evolved the adjustment of banking systems, the lowering of tariffs and the offset of lost revenue. It strengthens and ensures the government control over American economy.
During his Presidency, Woodrow Wilson made it his agenda to bring reform in the tariff, the banks, and the trusts. In 1913, he called a special meeting of Congress to address the tariff and passing of Underwood Tariff Bill, which greatly reduced the tariff rates. Although it was opposed by lobbyists, but he successfully convinced the Congress to pass the bill. Then afterwards due to Underwood Tariff bill and authority from the 16th Amendment, Congress enacted Graduated income tax, which increased the revenue made from tariff. In the same year 1913, he signed the Federal Reserve Act that brought reform in the banking system. By the Act, a Federal Reserve Board was created to monitor the financial system and guaranteed substantial level of public control. The board was empowered to issue paper money known as Federal Reserve Notes. And at the last, Wilson attacked trusts by the Federal Trade Commission Act of 1914 and Clayton Anti-Trust Act of 1914. Under Federal Trade Commission act an authority was commissioned by President to investigate interstate commerce and to stop unfair trade practices in order to eliminate monopolies. And Clayton Anti-Trust act, 1914, passed by the Congress as an amendment to clarify and supplement the Sherman Antitrust Act of 1890. The act prohibited the price fixing, rebates, price discrimination and exclusive sales dealings and it also legalized peaceful strikes and boycotts against companies.
Conclusion - Wilson’s reform introduced several policies and acts that provided a framework for the nation’s bank, credit and eliminates monopolies. The reform programs evolved the adjustment of banking systems, the lowering of tariffs and the offset of lost revenue. It strengthens and ensures the government control over American economy.