Wilson and the Assault

Wilson and the Assault - biggest problem….In June of 1913...

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Wilson and the Assault He called for an all-out assault on the “triple wall of privilege”- the  tariff, the banks, and the trusts. He wanted to fragment business Regarding the tariff,… in early 1913, Congress passed the  Underwood Tariff Act of 1913, this was the first significant  reduction of duties since before the Civil War…because with the  authority of the recently ratified 16th Amendment, Congress  enacted a graduated income tax. By 1917 revenue from the  income tax was higher than the tariff and has remained ever  since. Regarding banking, and the inelasticity of the currency being the 
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Unformatted text preview: biggest problem….In June of 1913, Wilson appealed to Congress in a speech fro sweeping reforms in the banking system. Thus in 1913, the epochal Federal Reserve Act was passed, the most important piece of economic legislation between the Civil War and the New Deal! This was the first central banking system since Jackson destroyed the Bank of the US! It created the Federal Reserve Board, appointed by the president, which oversaw a nationwide system of 12 regional reserve districts, each with its own central bank...
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