Banking regulation the federal reserve act 1913

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Unformatted text preview: office, TR went against business again, and 168 supported heavier taxation of the rich and stronger business regulation. *The Election of 1908 and Taft’s Presidency* - Instead of running again, Teddy supported William Howard Taft for the Presidential Election of 1908 [TR was reelected in 1904, by the way]. B/c of TR’s popularity, Taft won, but landed in a difficult situation. - First, Taft moved to cut tariffs, but was blocked by Progressives, who felt the tariff benefited special interests. So, the cuts were restored in the PayneAldrich Tariff (1909), which also angered Progressives. - Basically, Taft was caught in the middle of a rift between the conservative and Progressive wings of the Republican Party. Not cool. - Then, when a group of Progressives challenged the conservative speaker, who controlled the legislative progress, Taft first supported and then abandoned them. He did, however, enlarge the Rules Committee, and therefore help the Progressives – but he pissed them off even more by firing conservationist Pinchot. - Basically, it would have stunk to be Taft. He did as much Progressive stuff as TR – he even busted more trusts, signed the Mann-Elkins Act (1910), which helped the ICC powers and supported labor reforms, and had the Sixteenth [income tax] and Seventeenth [direct election of Senators] Amendments passed. But b/c he was cautious and wasn’t good at sucking up to people and the press, he didn’t get a good reputation. *The Election of 1912 and Wilson’s Presidency* 169 - When TR got back from Africa, he realized that his party had split into the National Progressive Republican League [La Follette] and the side that stayed loyal to Taft. Disappointed, he began speaking out, and eventually organized the Bull Moose Party [from the Progressives] when LF got sick. - Given that the Republicans had split, the Democrats knew they had a sure win, so they took their time and finally picked Woodrow Wilson, who won the election. Wilson and TR had two competing visions for the country, as follows: TR [New Nationalism] Let’s have a new era where th...
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