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The convention approved a strong "trust-busting" plank, but Roosevelt had it replaced with language that spoke only of "strong National regulation" and "permanent active [Federal] supervision" of major corporations. This retreat shocked reformers like Pinchot, who blamed it on Perkins (a director of U.S. Steel). The result was a deep split in ...
Standard Oil (Refinery No. 1 in Cleveland, Ohio, pictured) was a major company broken up under United States antitrust laws.. The history of United States antitrust law is generally taken to begin with the Sherman Antitrust Act 1890, although some form of policy to regulate competition in the market economy has existed throughout the common law's history.
Roosevelt was hailed as the "trust-buster" for his aggressive use of the 1890 Sherman Antitrust Act, compared to his predecessors. [118] He viewed big business as essential to the American economy, prosecuting only "bad trusts" that restrained trade and charged unfair prices. [119]
A Progressive reformer, Roosevelt earned a reputation as a "trust buster" through his regulatory reforms and antitrust prosecutions. His presidency saw the passage of the Pure Food and Drug Act , which established the Food and Drug Administration to regulate food safety, and the Hepburn Act , which increased the regulatory power of the ...
Simons, in particular, argued for robust antitrust enforcement to “de-concentrate” American industries and promote competition. In response, Roosevelt appointed "trustbusting" lawyers like Thurman Arnold to serve in the Justice Department's Antitrust Division, which had been established in 1919. [21]
In 1898, President William McKinley launched the trust-busting era (one aspect of the Progressive Era) when he appointed the U.S. Industrial Commission. Theodore Roosevelt seized upon the commission's report and based much of his presidency (1901–1909) on trust-busting. [citation needed] Prominent trusts included: Standard Oil [6] U.S. Steel [7]
It is also known as antitrust law (or just antitrust [4]), anti-monopoly law, [1] and trade practices law; the act of pushing for antitrust measures or attacking monopolistic companies (known as trusts) is commonly known as trust busting. [5] The history of competition law reaches back to the Roman Empire.
Key aspects of the Square Deal included: Conservation: Roosevelt removed 194 million acres of land from commercial use turning them into national forests and parks. Corporate Regulation: His aggressive efforts To limit the power of giant corporations and trusts earned Roosevelt the nickname "The Trust-Buster".