Woodrow Wilson was elected President of the United States.

Congress adopted the 16th Amendment making an income tax legal.

Wilson addressed a joint session of Congress persuading them to support tariff reform and winning popular support for his efforts.

Wilson called a special session of Congress to address the urgency of tariff reform. It passed the Underwood Simmons Tariff Act. To make up for loss of revenue, this act included a federal progressive income tax.

Congress passed the Owen-Glass Federal Reserve Act at Wilson’s prompting. It ensured a more responsive and flexible currency and created 12 central banks to serve the nation.

Congress created the Federal Trade Commission to regulate unfair business practices.

Congress passed the Clayton Anti-Trust Act which protected labor unions against anti-trust laws and cracked down on collaboration and price setting tactics by corporations which could effect a monopoly.