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Date Posted: 19:56:40 01/23/03 Thu
Author: j
Subject: Ch22 - The Scholar As President

I. The Scholar As President (Woodrow Wilson)
A. Lowering the Tariff
i. progressives believed the tariff would put real competition in America and break the power of trusts
a. a graduated income tax was instated to make up for lost revenue
- imposed a 1% tax on individuals and corporations making over $4,000, and up to 6% on incomes over $500,000
B. Federal Reserve Act of 1913
i. created 12 regional banks
a. regional banks were controlled by regional federal banks that held a certain amount of money from their regional banks in reserve
- the federal banks would use these reserves to loan to private banks at an interest rate that the federal reserve system would set
- fed. Banks would also use Federal Reserve notes, a new type of paper currency approved by the government
- they could also shift funds quickly to troubled areas
ii. supervising and regulating the whole system was a national Federal Reserve board appointed by the president
- w/ this board, 80% of the nation’s banking resources were represented by the late 1920s
C. Dealing With Monopoly Problems
i. 1914, Wilson proposes 2 ways of dealing w/ monopolies
a. Federal Trade Commission Act
- created a regulatory agency that would help businesses determine in advance whether their actions would be acceptable to the government
- the agency would be able to launch prosecutions against “unfair trade practices,” which the law did not clearly define, so they would have a broad range of power
- in short, the act increased the government’s regulatory authority significantly
b. Clayton Antitrust Bill
- a bill more characteristic of Wilson’s 1912 campaign, a proposal to actually strengthen the government’s ability to break up trusts
- this bill was tossed around congress and never materialized (Wilson decided instead that the future lay with government supervision)

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