A City Guide To Bethlehem for To this end, during his first term in office, Wilson oversaw the creation of the various economic reforms, including the Underwood Tariff Act that reduced tariff rates and instituted an income tax; the Federal Reserve Act that established a central bank to monitor the nation’s finances; the Clayton Anti-Trust Act that strengthened antitrust regulations; and the creation of the Federal Trade Commission that shored up government regulation of business. When shaky governments in Latin America and the Caribbean hampered their ability to repay debts owed to American investors, Wilson sought to enforce effective financial supervision over various countries through military intervention. Though his forays into Haiti, the Dominican Republic and Nicaragua had merits, American intervention in Mexico was unsuccessful and eventually resulted in a Mexican-American skirmish incited by rebel General Pancho Villa. The year 1914 was eventful for Wilson both personally and professionally. In August of that year, his wife, Alice, passed away. Though devastated by her death, Wilson rebounded seven months later when he met Edith Bolling Galt, a widow from Washington, D.C. A City Guide To Bethlehem 2016.