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9 Cards in this Set

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Sherman Antitrust Act, 1890

-Prohibits certain business activities that federal government regulators deem to be anti-competitive


-requires the federal government to investigate and pursue trusts, companies, and organizations suspected of violations.


-purpose was to create a pro-competition law for consumers and keep prices low.

Examples of Sherman Anti-trust Act

1. Standard Oil, 1890: Beginning of act


-Rockefeller broke up the company into 34 companies now known as Exxon, Chevron Mobile.


2. AT & T, 1984: Broke into 5 RBOCS's and bought Bellsouth and became bigger


3. Microsoft, 2000: Judge ordered that Microsoft be broken up into 2 companies; overnight judge change mind.


4. Atlanta Gas Light, 1998: Only gas company and introduced concept of resellers.


-still receives payments from everyone though not as much.


resellers creates competition

Glass-Steagall Act

-also known as the Banking Act of 1933


-prohibits commercial banks from engaging in the investment business.


-enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression.

Clayton Antitrust Act of 1914

-provides further clarification and substance to Sherman Antitrust Act.


-attempts to prohibit certain actions that lead to anti-competitiveness


-supplements existing laws against unlawful restraints and monopolies.

Competition law

A law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.

Why is the economy bad?

-We have not had 3% of GDP growth in 8 years, very anemic recovery very week.


-Unemployed rate touted at 4% but is really 15-18%.


-Currently in 7 wars.


-allies have joined the AIIB bank.


-Interest rate is only .50 % as of 2015.

Federal Reserve

-Two main functions: lender of last resort, monetary policy


-Fed wants to maintain a 2% inflation rate


-QE2 ($85 billion) two goals: max employment, maintain low inflation.

Federal Reserve Act, 1913

-created the current Federal Reserve system


-established a form of economic stability through the introduction of the central bank.


-considered the most influential law concerning the U.S. Financial System.

Federal Reserve Reform Act, 1977

-made the federal reserve accountable for its actions on monetary and fiscal policy.


-explicitly established price stability as a national policy goal.


-required quarterly reports to Congress