An Act passed in 1914 by the U.S. Congress to amend, clarify, supplement, and close loopholes in the Sherman Antitrust Act. It was instigated by President Woodrow Wilson. Congress followed up by establishing the Federal Trade Commission to enforce its antitrust laws.
The Clayton Act strengthened the labor movement by declaring in Section 17, Antitrust laws not applicable to labor organizations that “the labor of a human being is not a commodity or article of commerce.” The Act legalized peaceful strikes, picketing, and boycotts. Horticultural and agricultural cooperatives were also specifically exempted from antitrust laws.
The act prohibited certain forms of holding companies and interlocking directorates, exclusive sales contracts, and certain forms of price cutting and rebates.
Sections of the Clayton Act were later amended by the Robinson-Patman Act (1936), the Celler-Kefauver Act (1950), and the Hart-Scott-Rodino Antitrust Improvements Act (1976).
Sources
- http://www.infoplease.com/ce6/history/A0812484.html
- http://www.stolaf.edu/people/becker/antitrust/statutes/clayton.html
- http://www.washingtonpost.com/wp-srv/washtech/longterm/antitrust/clayton.htm
- http://search.eb.com/elections/micro/131/18.html