Industry Regulations & Compliance Flashcards
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Read the first 7 Industry Regulations & Compliance flashcards as text
The Interstate Commerce Act of 1887 was the first federal law to regulate which industry?
Answer: Railroads
It created the Interstate Commerce Commission to oversee railroad rates.
What was the main purpose of the Sherman Antitrust Act of 1890?
Answer: Outlaw monopolies and restraints of trade
It made it illegal to monopolize or restrain trade among the states.
Which book by Upton Sinclair helped lead to the Meat Inspection Act of 1906?
Answer: The Jungle
The Jungle exposed unsanitary conditions in Chicago meatpacking plants.
Which president earned the nickname 'trust buster' for prosecuting monopolies?
Answer: Theodore Roosevelt
Theodore Roosevelt used the Sherman Act against companies like Northern Securities.
The Federal Reserve Act of 1913 created what?
Answer: A central banking system
It established the Federal Reserve System to stabilize the nation's money supply and banks.
The Federal Trade Commission, created in 1914, was designed to do what?
Answer: Investigate unfair business practices
The FTC was formed to prevent unfair methods of competition.
The Pure Food and Drug Act of 1906 required what?
Answer: Accurate labeling and ban on adulterated foods and drugs
It prohibited mislabeled or adulterated food and medicine in interstate commerce.
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