THE PROGRESSIVE LEGACY OF WOODROW WILSON
Much legislation was enacted under Woodrow Wilson that pleased reformers. The Underwood Tariff Act of 1913 cut tariffs on imported goods. The Clayton Antitrust Act of 1914 was a continuation of the Sherman Antitrust Act, and outlawed certain specific business practices. A key clement of this act also helped the labor movement by making strikes and other labor activities legal. In 1914 the Federal Trade Commission was established; the main job of this organization was to uniformly enforce the antitrust laws. Wilson also signed legislation creating the Federal Reserve system, which established 12 district reserve banks and the creation of Federal Reserve notes. This system was designed to protect the American economy against further panics such as had occurred in the early 1890s.