He believed that the government acted as a steward for the public welfare, tasked with balancing the interests of business, labor, and consumers. While the term itself was not widely used until later, Roosevelt’s commitment to regulating corporate power defined a significant shift in the relationship between government and big business.
Roosevelt's Trustbuster Legacy: Regulating Corporate Power and the Sherman Antitrust Act
Legal Foundations and Precedent The primary legal weapon in Roosevelt's arsenal was the Sherman Antitrust Act of 1890. Standard Oil (1906) – Broken into 34 separate companies, including Exxon and Chevron.
He leveraged this popularity to pressure Congress into passing the Elkins Act (1903) and the Hepburn Act (1906), which strengthened the Interstate Commerce Commission's ability to regulate railroad rates. His Justice Department filed suits based on the legal principle that these companies had engaged in "unreasonable" restraints of trade.
Roosevelt's Trustbuster Legacy: Regulating Corporate Power and the Sherman Antitrust Act
His willingness to engage in "muckraking" and speak directly to citizens about the need for regulation cemented his image as a "trustbuster. Although the Act existed before his tenure, previous administrations had used it sparingly.
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