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Woodrow Wilson: Wilson was president before, and through, WWI, who led progressive foreign and domestic policy. New Freedom: Wilson?s Domestic policy that restricted the tariff, banks, and trusts. The Underwood Tariff significantly reduced rates and import fees. The Federal Reserve Act established the federal reserve, which is still a substantial economic factor in today?s society. The Fed is similar to the Bank of the United States. Wilson also prohibited and restricted trusts with the Federal Trade Commission Act which empowered the president to investigate trusts and unfair business practices. New Nationalism: Roosevelt had developed a plan similar to Wilson?s New Freedom. However, Roosevelt supported women?s suffrage, minimum wage, and social insurance.