This lowered tariff rates for the first time since the Civil War.

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The Underwood-Simmons Tariff, passed in 1913, reduced tariff rates for the first time since the Civil War. The Hart-Smoot Act, passed in 1930, actually increased tariff rates and is often cited as a factor that worsened the Great Depression. The Dingley Tariff, passed in 1897, was a protective tariff that increased rates on imported goods. The Mongrel Tariff is not a historically significant tariff. The Federal Reserve Act, also passed in 1913, created the Federal Reserve system to regulate the nation's banking and monetary systems.

This Lowered Tariff Rates for the First Time Since the Civil