1. Woodrow Wilson 10/1/2015

2. Election of 1912 William Taft Incumbent president, conservative, Republican nominee Theodore Roosevelt Former president, Progressive party(Bull Moose Party) Woodrow Wilson Former Princeton University president, Governor of New Jersey Direct primary, utility regulatory boards, commissioner gov. in cities

3. Election of 1912 cont’d Roosevelt Keep large trusts with some regulation Laws to protect women and children Workers’ compensation New Nationalism Wilson New Freedom Federal gov. too much power Wanted to restore competition Election results Wilson wins with 435 electoral college votes, 42% of popular vote

4. Income Taxes and 16 th Amendment Direct Tax Imposed directly on a person or their property Proportionate among the states based on population Indirect Tax Someone pays, but tax burden falls on someone else Sales, excise or tariffs Income Tax Tax on imcome 16 th amendment Government tax income, no matter its source

5. Federal Reserve System Federal Reserve Banks 12 Reserve Banks Individual banks kept part of their deposits in reserve bank for cushion Federal Reserve Act of 1913 Board of governors set interest rates reserve banks charged other banks

6. Federal Trade Commission FTC Investigate companies and issue “cease and desist” orders for unfair trade practices Clayton Antitrust Act Outlawed restricted competition: price discrimination, charging different costumers different prices

7. Regulations Had to be 14 to work Adamson Act: Eight hour work day for railroad workers Federal Farm Loan Act Low interest loans for farmers