Woodrow Wilson

Definition

Woodrow Wilson was the 28th President of the United States, serving from 1913 to 1921. He was a key figure in the establishment of the Federal Trade Commission, which was created during his presidency to promote fair competition and protect consumers from unfair business practices.

5 Must Know Facts For Your Next Test

1. Woodrow Wilson was a strong proponent of progressive reform and believed that the government had a role to play in regulating the economy to protect the public interest.
2. The Federal Trade Commission Act, signed into law by Wilson in 1914, granted the FTC the authority to investigate and prevent unfair methods of competition and unfair or deceptive acts or practices in commerce.
3. Wilson's support for the FTC was part of his broader 'New Freedom' platform, which aimed to break up monopolies and promote competition in the marketplace.
4. The FTC was established as an independent agency, with the goal of being free from political influence and able to make impartial decisions on antitrust and consumer protection matters.
5. Under Wilson's leadership, the FTC was given the power to investigate and report on the activities of corporations, as well as the ability to issue cease and desist orders to stop unfair or deceptive practices.

Review Questions

• Explain Woodrow Wilson's role in the establishment of the Federal Trade Commission (FTC) and how it aligned with his broader policy agenda.
  • Woodrow Wilson was a key figure in the creation of the Federal Trade Commission (FTC) during his presidency from 1913 to 1921. As a proponent of progressive reform, Wilson believed that the government had a responsibility to regulate the economy and protect the public interest. The Federal Trade Commission Act, signed into law by Wilson in 1914, granted the FTC the authority to investigate and prevent unfair methods of competition and unfair or deceptive acts or practices in commerce. This aligned with Wilson's 'New Freedom' platform, which aimed to break up monopolies and promote competition in the marketplace. Wilson saw the FTC as an independent agency that could make impartial decisions on antitrust and consumer protection matters, free from political influence.
• Analyze the key powers and responsibilities granted to the Federal Trade Commission (FTC) under Woodrow Wilson's leadership.
  • Under Woodrow Wilson's leadership, the Federal Trade Commission was granted several key powers and responsibilities. First, the FTC was given the authority to investigate the activities of corporations and report on their practices. This allowed the agency to gather information and identify potential anti-competitive or deceptive behavior. Additionally, the FTC was empowered to issue cease and desist orders to stop unfair or deceptive practices, providing a mechanism to directly intervene and address problematic business conduct. Finally, the FTC was established as an independent agency, with the goal of being free from political influence and able to make impartial decisions on antitrust and consumer protection matters. This independence was crucial to Wilson's vision of the FTC as a neutral arbiter that could effectively regulate the economy and protect the public interest.
• Evaluate the long-term impact of Woodrow Wilson's efforts to establish the Federal Trade Commission and its role in promoting fair competition and consumer protection.
  • Woodrow Wilson's efforts to establish the Federal Trade Commission have had a lasting impact on the American economy and consumer protection. The FTC, empowered with the ability to investigate corporate practices, issue cease and desist orders, and operate as an independent agency, has played a critical role in promoting fair competition and safeguarding consumers from unfair or deceptive business conduct. Over the decades, the FTC has taken on a wide range of cases, from addressing price-fixing schemes to cracking down on fraudulent advertising, demonstrating the enduring relevance of the agency's mission. While the specific challenges and market dynamics have evolved, the FTC's core functions, rooted in Wilson's progressive vision, continue to be essential for maintaining a healthy, competitive, and consumer-friendly business environment. The long-term legacy of Wilson's leadership in establishing the FTC is a testament to the importance of effective government regulation in protecting the public interest.

Related terms

Federal Trade Commission (FTC): An independent agency of the United States government that enforces civil antitrust law, promotes consumer protection, and investigates anti-competitive business practices.

Antitrust Law: Legislation that promotes or maintains market competition by regulating anti-competitive conduct by companies.

Consumer Protection:

Laws and regulations that aim to protect the rights of consumers and ensure they are treated fairly in the marketplace.