Which act sought to regulate monopolies and preserve competition?

The Sherman Antitrust Act of 1890 was the first federal legislation aimed explicitly at curbing monopolistic practices and preserving competitive markets. It was established to combat anti-competitive behavior and prevent entities from restraining trade or commerce. By declaring every contract, combination, or conspiracy in restraint of trade illegal, this act laid the groundwork for future antitrust legislation and enforcement.

Historically, the act was a response to growing concerns about the power of large corporations and trusts that were seen as dominating markets and stifling competition. The law's broad applicability was meant to ensure a level playing field for businesses and to protect consumers from the negative impacts of monopolies. Its enforcement started the dialogue around competition preservation in the American economy and set a precedent for subsequent antitrust laws and regulatory frameworks.