Woodrow Wilson, the 28th president of the United States, implemented several significant economic reforms during his presidency. One of the key achievements was the passage of the Federal Reserve Act in 1913, which established the Federal Reserve System and reformed the nation's banking system. This allowed for more stable supervision and control of the financial sector, fostering a more balanced economy. Additionally, Wilson pushed for the creation of the Federal Trade Commission (FTC) in 1914, aimed at preventing unfair business practices and promoting fair competition. The FTC helped protect consumers and maintain a level playing field for businesses. Another vital reform was the passage of the Clayton Antitrust Act in 1914, which strengthened the Sherman Antitrust Act and limited the power of monopolies. This act enabled the government to curtail unfair business practices and foster economic competition. Lastly, Wilson enacted the Underwood Tariff Act in 1913, which significantly reduced tariffs on imported goods and introduced a graduated income tax. This tariff reduction stimulated international trade and helped lower the cost of living for ordinary Americans. Overall, Woodrow Wilson's economic reforms were instrumental in regulating and improving various sectors of the economy, promoting fair competition, and fostering economic growth.
