Policies
Economic Policy: "New Freedom" Agenda: Lowering the tariffs. Bank reform and antitrust policies as well.
Foreign Policy: Isolationism
Domestic Policy: Pro-business
Foreign Policy: Isolationism
Domestic Policy: Pro-business
Major Events of the Presidency
Federal Reserve System: Wilson split the banking system into 12 regions. It granted legal authority of the federal government to issue Federal Reserve Notes as legal tender. The effort created a stable banking system by chartering banks within the regions.
The Underwood Tariff: Passing through the House by a vote of 274 to 5, the Underwood Tariff reduced the high tariffs from 56% to 18.5% on woolens. It also created zero rates for steel rails, iron ore, and agricultural implements. The new average tariff rate was 26%. Antitrust Policy: The Federal Trade Commission took a regulatory policy towards trusts. A law he passed through Congress was the Clayton Antitrust Act, made certain business practices illegal, such as price discrimination. WW1 Begins: Austrian Archduke Franz Ferdinand was assassinated in 1914, sparking a prompt response from other European countries, beginning WW1. Wilson made it the policy to stay out of the war as long as possible, although the Allied Powers desired U.S. aid. |