The Securities and Exchange Commission announced settled fraud charges against Digital World Acquisition Corp (DWAC) for material misrepresentations to investors about merger discussions with Trump Media & Technology Group (TMTG). The SEC found that individuals who would later become …
Securities and Exchange Commission (SEC)Digital World Acquisition CorpTrump Media & Technology Groupsec-chargesdwacsecurities-fraudtrump-mediaspac-fraud+1 more
On October 22, 2001, the Securities and Exchange Commission announced it was formally investigating Enron’s suspicious dealings with partnerships controlled by CFO Andrew Fastow, characterizing them as “some of the most opaque transactions with insiders ever seen.” Enron’s …
Securities and Exchange Commission (SEC)Andrew FastowKenneth Laycorporate-fraudenronsecinvestigationregulatory-enforcement
Congress passed the Adamson Act on September 2, 1916, and President Woodrow Wilson signed it the following day, establishing a standard eight-hour workday with additional pay for overtime for interstate railroad workers. Named for Georgia Representative William C. Adamson, this was the first federal …
President Woodrow WilsonRepresentative William C. AdamsonRailroad Labor BrotherhoodsAustin B. GarretsonU.S. Congresslabor-rightsprogressive-eraworker-protectionregulatory-enforcement
Congress passed the Keating-Owen Child Labor Act in September 1916, the first federal statute to impose restrictions on child labor. Also known as Wick’s Bill, the law prohibited the sale in interstate commerce of goods produced by factories that employed children under 14, mines that employed …
U.S. CongressPresident Woodrow Wilsonlabor-rightschild-laborprogressive-eraregulatory-enforcement
President Woodrow Wilson signed the Federal Trade Commission Act into law, establishing the FTC as an independent federal agency to prevent ‘unfair methods of competition’ and protect consumers from deceptive business practices. The Act fulfilled Wilson’s ‘New Freedom’ …
President William Howard Taft signed the Mann-Elkins Act, also called the Railway Rate Act of 1910, strengthening the Interstate Commerce Commission’s (ICC) authority over railroad rates and expanding federal regulation to telephone, telegraph, and wireless companies for the first time. The …
President William Howard TaftStephen Benton ElkinsJames Robert MannInterstate Commerce Commissionprogressive-eraregulatory-enforcementcorporate-powertelecommunicationsrailroad-regulation
When Theodore Roosevelt left office on March 4, 1909, his administration had filed 44 antitrust lawsuits (18 civil and 26 criminal cases, resulting in 22 convictions and 22 acquittals) against major corporations including Northern Securities, Standard Oil, American Tobacco, the Beef Trust, and Du …
Theodore RooseveltWilliam Howard TaftJ.P. MorganU.S. Department of JusticeInterstate Commerce Commissionantitrustcorporate-powerprogressive-eraregulatory-enforcementpresidential-legacy
On July 19, 1907, the Roosevelt administration’s Department of Justice filed a major antitrust petition against the American Tobacco Company after one of its subsidiaries was indicted for price-fixing in the Southern District of New York. The suit charged sixty-five companies and twenty-nine …
Theodore RooseveltU.S. Department of JusticeAmerican Tobacco CompanyJames Buchanan Dukeantitrustcorporate-powerregulatory-enforcementprogressive-eramonopoly
President Theodore Roosevelt signed the Pure Food and Drug Act and Meat Inspection Act on June 30, 1906, marking a major achievement in federal regulation of the food industry. The legislation arose from public education and exposés by muckraking journalists like Upton Sinclair and Samuel Hopkins …
Theodore RooseveltHarvey Washington WileyUpton SinclairU.S. Congressregulatory-enforcementpublic-healthconsumer-protectionprogressive-erafood-safety
On June 29, 1906, President Theodore Roosevelt signed the Hepburn Act into law after a month of conference committee reconciliation, with the Senate passing it 71-3 and the House by substantial margin. The Act fundamentally strengthened the Interstate Commerce Commission, giving it power to set …
Theodore RooseveltRepresentative William HepburnInterstate Commerce CommissionRailroad companiesU.S. Congressrailroad-regulationregulatory-enforcementprogressive-erainstitutional-expansioncorporate-power
On January 30, 1905, the U.S. Supreme Court ruled in Swift & Co. v. United States that the Commerce Clause allowed the federal government to regulate monopolies that have a direct effect on interstate commerce, dealing a major blow to the “Beef Trust” cartel. The case followed …
U.S. Supreme CourtSwift & CompanyArmour & CompanyTheodore RooseveltAttorney General Philander Knoxantitrustcorporate-powersupreme-courtregulatory-enforcementprogressive-era
On March 14, 1904, the U.S. Supreme Court ruled 5-4 that the Northern Securities Company violated the Sherman Antitrust Act and ordered the railroad holding company dissolved. The decision affirmed the April 9, 1903 federal circuit court ruling against the company formed by J.P. Morgan, James J. …
U.S. Supreme CourtTheodore RooseveltJ.P. MorganJames J. HillEdward H. Harriman+1 moreantitrustcorporate-powerregulatory-enforcementsupreme-courtprogressive-era
On February 19, 1903, President Theodore Roosevelt signed the Elkins Act, which made it a federal misdemeanor for railroads to grant rebates or preferential rates and held both the carrier and the recipient liable. The Act was sponsored by Senator Stephen B. Elkins of West Virginia and introduced in …
Theodore RooseveltSenator Stephen B. ElkinsInterstate Commerce CommissionPennsylvania RailroadRailroad companiesantitrustrailroad-regulationprogressive-eraregulatory-enforcement
On February 14, 1903, President Theodore Roosevelt signed the Act to Establish the Department of Commerce and Labor, creating the ninth cabinet-level executive department and establishing the Bureau of Corporations as an investigatory agency within it. The Bureau was specifically designed to study …
Theodore RooseveltU.S. CongressGeorge B. CortelyouJames Rudolph GarfieldBureau of Corporationsantitrustregulatory-enforcementprogressive-eracorporate-powerinstitutional-expansion
In May 1902, while the Northern Securities case proceeded through the courts, Attorney General Philander Knox filed a second major antitrust suit under President Theodore Roosevelt against the “Beef Trust”—a cartel of six major meatpacking companies (Swift, Armour, Morris, Cudahy, …
On February 19, 1902, President Theodore Roosevelt’s Department of Justice announced plans to file an antitrust suit against the Northern Securities Company, a railroad holding company formed in November 1901 by J.P. Morgan, James J. Hill, and Edward H. Harriman to control the Great Northern …
Theodore RooseveltAttorney General Philander KnoxJ.P. MorganJames J. HillEdward H. Harriman+1 moreantitrustcorporate-powerregulatory-enforcementprogressive-erarailroad-regulation