Political Developments: Legislation under the New Freedom Program Flashcards
Which 2 laws was Wilson able to pass in 1914 restricting the power of big businesses?
The Federal Trade Commission Act of 1914 and the Clayton Antitrust Act of 1914
What did the Federal Trade Commission Act of 1914 do?
It banned any ‘unfair’ acts in business
What was a limitation of the Federal Trade Commission Act of 1914?
The term ‘unfiar’ was not specified
What was the Federal Trade Commission able to do in the time of Wilson’s Presidency?
Created 400 orders for businesses to stop unfair operations
What did the Clayton Antitrust Act of 1914 give more power to?
The 1890 Sherman Antitrust Act
What did the Clayton Antitrust Act ban?
Price discrimination
What did Samuel Gompers say about the Clayton Antitrust Act?
He supported it and called it the “Magna Carta for Labor”
When was the Adamson Act created?
1916
Which act gave railroad workers 8 hour working days?
The Adamson Act
Which act was passed in what year which gave money to help the construction of highways?
The Federal Highway Act, passed in 1916
What did the 1916 Federal Farm Loan Act do?
Gave farmers access to long-term loans
Why was the 1916 Federal Farm Loan Act significant?
It meant that farmers could expand production
What did the Workmens Compensation Act do?
Provided insurance for any workers who got injuries at work
When was the Revenue Act passed?
1916
What did the Revenue Act do?
Continued to tax the rich and redistribute their wealth
When was the Federal Child Labor Act passed?
1916
What did the Federal Child Labor Act of 1916 do?
Started to deal with 2 million people under 16 in employment
Why did the 1916 Federal Child Labor Act only have a short-term impact?
In 1918 this act was ruled unconstitutional by the Supreme Court
When was the Federal Reserve Act passed?
1913
What did the Federal Reserve Act do?
It made a central banking system
What was the purpose of the Federal Reserve?
To protect the USA from future depressions
What percentage of banks were under the Federal Reserve system by 1923?
70%
What was the long-term significance of the Federal Reserve?
20 years later, it was used by Franklin Roosevelt to help with the Great Depression
