Having passed major legislation lowering the tariff and reforming the banking structure, Wilson next sought antitrust legislation to enhance the Sherman Antitrust Act of 1890. The Sherman Antitrust Act barred any "contract, combination...or conspiracy, in restraint of trade," but had proved ineffective in preventing the rise of large business combinations known as trusts. An elite group of businessmen dominated the boards of major banks and railroads, and they used their power to prevent competition by new companies. With Wilson's support, Congressman Henry Clayton, Jr. introduced a bill that would ban several anti-competitive practices such discriminatory pricing, tying, exclusive dealing, and interlocking directorates. As the difficulty of banning all anti-competitive practices via legislation became clear, Wilson came to back legislation that would create a new agency, the Federal Trade Commission (FTC), to investigate antitrust violations and enforce antitrust laws independently of the Justice Department. With bipartisan support, Congress passed the Federal Trade Commission Act of 1914, which incorporated Wilson's ideas regarding the FTC. One month after signing the Federal Trade Commission Act of 1914, Wilson signed the Clayton Antitrust Act of 1914, which built on the Sherman Act by defining and banning several anti-competitive practices.