Term
| Bank Reform - Federal Reserve Act |
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Definition
| Effects: 3 Tier, bankers bank, prevent bank failure, economic stability. |
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Term
| Tariff Reform - Underwood Tariff |
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Definition
| Effect: Reduced tariff (tax). Graduated income tax. 16th Amendment. |
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Term
| General Business Reform - Clayton Antitrust Act |
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Definition
| Passed during Wilson’s first administration, this Act amended the Sherman Antitrust Act of 1890. The definition of what constituted “unlawful practices” was non-specific. Violations had to pass the test of “substantially” lessening competition or tending to “create monopoly in any line of commerce.” |
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Term
| General Business Reform - FTC |
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Definition
| Federal Trade Commission: An independent federal agency whose main goals are to protect consumers and to ensure a strong competitive market by enforcing a variety of consumer protection and antitrust laws. These laws guard against harmful business practices and protect the market from anti-competitive practices such as large mergers and price-fixing conspiracies. |
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Term
| General Business Reform - Adamson Act |
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Definition
| enacted on 3 September 1916 at President Woodrow Wilson's behest in response to a pending strike by the major brotherhoods of railway workers. It established an eight-hour day for interstate railway workers and time and a half for overtime. Wilson v. New. |
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