by reforming the banking system
Further Explanations:
Progressive Era was an era of social and political reforms in the United States that reigns from 1890s to 1920s. The main motive of the progressives was to remove the hurdles that were coming in the way of urbanization, Immigration,and Industrialization. The movement targeted the political machines the most, by taking down the corrupt officials so as to establish direct democracy. They sought control of monopolies and corporations through antitrust law and were able to promote uniform competition for more legitimate competitor. Woodrow Wilson, Theodore Roosevelt, Grace Abbott, and William Jennings Bryan were some of the most influential commanders of the Progressive era. Since the movement started at the local level but soon took the face of a national movement gaining support of mainly middle-class citizens.
Banking reforms were introduced in the United States by President Woodrow Wilson by creating the Federal Reserve System, the Central Banking reserve system of the United States. The act was introduced after facing several financial panic in the United States. In order to prevent any further financial panic and to control the monetary system,the Federal Reserve Act was introduced.
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Answer Details
Grade – High School
Subject – Economy
Chapter – Progressive Era
Keywords:Progressive Era, political reforms, urbanization, Immigration, Industrialization, direct democracy, Antitrust law, legitimate competitor,Woodrow Wilson, Theodore Roosevelt, Grace Abbott, and William Jennings Bryan
