Borah generally approved of many of Wilson's proposals, but found reasons to vote against them. He voted against the Federal Reserve Act of 1913 (believing it was a handout to the rich), after gaining a concession that no banker would initially be appointed to the Federal Reserve Board. Borah believed monopolies, public and private, should be broken up, and believed the new Federal Trade Commission would prove a means for trusts to control their regulators; he voted against the bill and stated he would not support confirmation of the first commissioners. The Clayton Antitrust Act, Borah opined, was merely a means by which Congress could appear to be dealing with the trusts without actually doing so.