Wilson’s New Freedom

Wilson’s New Freedom Wilson’s plan for reform Strict control of monopolies and protection of small businesses Businesses were not “free”. They were hampered by tariffs, banks, and trusts Wilson sought to bring down these “walls

Lowering Tariffs, Raising Taxes Underwood Tariff Bill Cut tariffs 16th amendment Graduated income tax Wealthy pay a higher % in taxes Wealthy pay a higher % in taxes

Federal Reserve Act Placed federal control over bank reserves Ensure that too much money doesn’t end up with only one bank, person, or region Banks charged high interest rates, and controlled state reserves This meant that if someone wanted to withdraw money, it might not be there if the bank wasn’t responsible Wilson passes the Federal Reserve Act to prevent this

Wilson Stance Against Monopolies Re-establish TR’s views of “good” and “bad” trusts Federal Trade Commission Monitor business practices

Wilson Stance Against Monopolies Clayton Antitrust Act Strengthened the Sherman Antitrust Act, which had been rarely enforced This act now made clear what businesses could and could not do Labor Unions now could organize more freely (Like the AFL with Samuel Gompers) RR employees received an 8 hr workday Workingmen’s Compensation Act

Legacy of Progressivism Federal Government power grows… Business Natural resources Protection of consumers and workers More political activity by the people Initiative, referendum, recall