Wilson signs the Federal Trade Commission into existence
Three years after the Supreme Court broke up Standard Oil, Washington still had no standing body to police how companies competed day to day. On September 26, 1914, President Woodrow Wilson signed the Federal Trade Commission Act, weeks after the Senate passed it 43-5 and the House approved it without even a recorded tally. The law created an independent commission empowered to challenge "unfair methods of competition" and absorb the old Bureau of Corporations. It would not open its doors for another six months…
