Wilson's New Freedom Chapter 17 Section 5

Wilson's New Freedom Chapter 17 Section 5

Wilsons New Freedom Chapter 17 Section 5 Woodrow Wilson served as a college professor and President of Princeton University served as Governor of New Jersey with a reforming agenda was the first man born in the South to be

elected President in almost sixty years What steps did Wilson take to increase the governments role in the economy? Woodrow Wilson used the expanded power of the presidency to promote a far-reaching reform agenda. Some of Wilsons economic and

antitrust measures are still important in American life today. The Underwood Tariff Act also provided for the creation of a graduated income tax, first permitted in 1913, under the newly ratified Sixteenth Amendment. Progressives like Wilson felt it was only fair

that the wealthy should pay a higher percentage of their income in taxes than the poor. Revenues from the income tax more than offset the loss of funds from the lowered tariff. Wilson pushed Congress to pass the Federal Reserve Act of 1913. It established a system of regional banks to hold reserve funds for the nations commercial

banks. Still in place today, the Federal Reserve protects the American economy from having too much money end up in the hands of one person, bank, or region. Wilson strengthened antitrust laws. Like Roosevelt, he focused on trusts that used

unfair practices The Federal Trade Commission (FTC) was created in 1914 to monitor businesses to prevent monopolies, false advertising, and dishonest labeling. Still in effect today, the FTC also prosecutes dishonest stock traders and regulates Internet sales.

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