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a federal law that was designed to regulate the railroad industry, particularly its monopolistic practices. The Act required that railroad rates be "reasonable and just," but did not empower the government to fix specific rates.
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Congress passed the Sherman Antitrust Act to prevent monopolies and trusts in American industries, specifically in the railroad and steel industries.
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Congress passed the Federal Reserve Act in 1913, which created 12 regional Federal Reserve banks to be supervised by a Federal Reserve Board. The Federal Reserve System is the central banking system of the United States, and it is still in existence today.
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Congress passed the Clayton Antitrust Act to act as an amendment to the Sherman Antitrust Act. This act prohibits exclusive sales contracts, local price cutting, and interlocking directorates in corporations with capital of $1 million or more. This act was used to clarify the Sherman Antitrust Act.
