A Foreign consumers B Domestic consumers C Foreign producers D Domestic producers Unanswered Submit
The Election of 1912 Democrats too had discovered the electoral appeal of reform, and in 1910, they earned their first house majority since 1894. Fully at odds with the conservatism of his successor, Roosevelt entered the Republican primaries in 1912 and won overwhelming support. The conservative party leadership was determined to deny him another nomination, however, prompting Roosevelt to form his own party and run as a third-party candidate. With California Governor Hiram Johnson as the vice president candidate, the new Progressive Party formed in August and campaigned with an ambitious platform: a graduated income tax, women's suffrage, protections for workers, and extensive regulations of large businesses. "Bull Moosers"—as Progressive Party members called themselves in reference to Roosevelt's stage prop and invocation of Western wilderness—most likely understood that they were splitting the Republican vote between Taft and Roosevelt, giving the Democratic challenger of 1912 a unique opportunity. Woodrow Wilson and the New Freedom Wilson developed his reputation as a reformer while governor of New Jersey. Like Roosevelt, he believed that the president should play an active role in developing policy and setting a legislative agenda for Congress. Overall, however, he had a more limited sense of the role of government in relation to economy and society. A strong advocate of small businesses and a competitive marketplace, the main target of Wilson’s reform package, which he labeled the New Freedom, was the economy. He pressed Congress to pass legislation that would reduce tariffs on
foreign imports. He supported the introduction of the graduated income tax, which exempted those who earned less than $4,000 per year. In 1913, Congress and the states ratified the 16th Amendment, giving the federal government the explicit power to levy such a tax. Wilson worked with Congress to create the Federal Reserve System, meant to make the banking system less volatile by establishing a lender of last resort to prevent bank panics and failures. Wall Street bankers retained considerable power under the new system, but it also helped farmers by making the credit supply more flexible and responsive to their needs. Wilson also followed Theodore Roosevelt in taking on corporate excesses. He pressed Congress to establish the Federal Trade Commission to investigate “unfair” corporate activities. He supported the Clayton Antitrust law, which extended the Sherman Antitrust Act by banning overlapping membership on corporate boards and the practice of price-fixing. The law also exempted unions from prosecution under antitrust legislation, which the government had begun doing to break strikes.
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