The New Freedom has three meanings. The first two comprise the campaign speeches and promises of Woodrow Wilson in the 1912 presidential campaign calling for limited government, and Wilson's 1913 book of the same name. The more common meaning comprises the Progressive programs enacted by Wilson as president during his first term (1913-1916), when the Democrats controlled Congress. Wartime policies are not generally considered part of the New Freedom; and after the 1918 elections the Republicans took control of Congress, and were generally hostile to the New Freedom. As President, Wilson focused on three types of reform:

1. Tariff Reform: This came through the passage of the Underwood Tariff Act of 1913, which lowered tariffs for the first time since 1857 and went against the protectionist lobby.
2. Business Reform: This was established in 1914 through the passage of the Federal Trade Act, which established the Federal Trade Commission to investigate and halt unfair and illegal business practices by issuing "cease and desist" orders, and the Clayton Anti-Trust Act.
3. Banking Reform: This came in 1913, through the creation of the Federal Reserve System, and in 1916, through the passage of the Federal Farm Loan Act, which set up Farm Loan Banks to support farmers.