Woodrow Wilson's Progressive Program

Introduction
- Wilson: 2nd Democrat president post-Civil War; first Southern president since Zachary Taylor.
- Notable traits: idealistic, intellectual, righteous, inflexible.
- Believed in active presidential leadership in Congress and direct appeal to the public.
New Freedom Commitment
- Pledged to restore free competition in the economy.
- Targeted "triple wall of privilege": tariffs, banking, trusts.
Tariff Reduction
- Initiated tariff reduction on first day in office (1913).
- Delivered personal address to Congress, breaking tradition.
- Underwood Tariff: lowered tariffs for first time in 50+ years; introduced graduated income tax (1-6%).
Banking Reform
- Addressed deficiencies of the gold standard and bank influence by speculators.
- Proposed national banking system with 12 district banks under a Federal Reserve Board.
- Federal Reserve Act (1914): established a regulated banking system allowing for issuance of Federal Reserve Notes.
Business Regulation
- Key legislation in 1914:
1. Clayton Antitrust Act: strengthened Sherman Antitrust Act, exempted unions from trust prosecution.
2. Federal Trade Commission (FTC): regulated and investigated unfair trade practices in most industries, excluding banking and transportation.
Other Reforms
- Initially opposed to legislation favoring special interests (farmers/labor unions).
- Eventually expanded reform agenda to include various Progressive measures.