John Davison Rockefeller took his petroleum company relentlessly forward, crushing competitors ruthlessly on his path, until he controlled nearly 90% of the petroleum production in the country. His was hardly the first trust: at the same time bankers, railroad tycoons, and mining kings had their own monopolies, which President Theodore Roosevelt took upon himself to break up.

On this day, September 26, in 1914, the Federal Trade Commission Act founded the FTC. Its membership would be composed of five members across the political spectrum serving seven-year terms. Appointment to the Commission would be handled by the president of the United States.

The FTC for the first time was able to issue “cease-and-desist” letters to effectively put a stop to collusion between competitors. Whether in oil, or tobacco, or other goods, the practice was much the same: rather than working against one another, the largest names in the business would meet and secretly agree to synchronize their business practices to ensure the highest prices to the public.