Wilson ran for president in 1912 on a platform of "New Freedom", which proposed restoring competition to the economy by reducing high tariffs and implementing antitrust laws to limit the power of large corporations. Some key policies and acts from Wilson's first term included lowering tariffs, establishing the Federal Reserve system, strengthening antitrust laws through the Clayton Antitrust Act, and regulating the economy further through agencies like the Federal Trade Commission. Wilson's progressive policies split the Republican party and helped him win the 1912 election over Roosevelt and Taft.