Search results
Results from the WOW.Com Content Network
t. e. The Sherman Antitrust Act of 1890 [1] (26 Stat. 209, 15 U.S.C. §§ 1 – 7) is a United States antitrust law which prescribes the rule of free competition among those engaged in commerce and consequently prohibits unfair monopolies. It was passed by Congress and is named for Senator John Sherman, its principal author.
Congress passed the Sherman Antitrust Act almost unanimously in 1890, and it remains the core of antitrust policy. The Act makes it illegal to try to restrain trade or to form a monopoly. It gives the Justice Department the mandate to go to federal court for orders to stop illegal behavior or to impose remedies. [1]
With bipartisan support, Congress passed the Federal Trade Commission Act of 1914, which incorporated Wilson's ideas regarding the FTC. One month after signing the Federal Trade Commission Act of 1914, Wilson signed the Clayton Antitrust Act of 1914, which built on the Sherman Act by defining and banning several anti-competitive practices.
The Clayton Antitrust Act of 1914 (Pub. L. Tooltip Public Law (United States) 63–212, 38 Stat. 730, enacted October 15, 1914, codified at 15 U.S.C. §§ 12–27, 29 U.S.C. §§ 52–53), is a part of United States antitrust law with the goal of adding further substance to the U.S. antitrust law regime; the Clayton Act seeks to prevent anticompetitive practices in their incipiency.
In the United States, antitrust law is a collection of mostly federal laws that regulate the conduct and organization of businesses in order to promote competition and prevent unjustified monopolies. The three main U.S. antitrust statutes are the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914.
An Act To create a Federal Trade Commisson, to define its powers and duties, and for other purposes. The Federal Trade Commission Act of 1914 is a United States federal law which established the Federal Trade Commission. The Act was signed into law by US President Woodrow Wilson in 1914 and outlaws unfair methods of competition and unfair acts ...
The results were mixed. Federal action finally won out in 1911, splitting Standard Oil into 33 companies. The 33 seldom competed with each other. The federal decision together with the Clayton Antitrust Act of 1914 and the creation that year of the Federal Trade Commission largely de-escalated the antitrust rhetoric among progressives.
The Clayton Act of 1914 was passed to supplement the Sherman Act. Specific categories of abusive conduct were listed, including price discrimination (section 2), exclusive dealings (section 3) and mergers which substantially lessened competition (section 7).