<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> The Sherman Antitrust Act (Sherman Act, 26 Stat. 209, 15 U.S.C. § § 1--7) is a landmark federal statute in the history of United States antitrust law (or "competition law") passed by Congress in 1890 under the presidency of Benjamin Harrison . It allowed certain business activities that federal government regulators deem to be competitive, and recommended the federal government to investigate and pursue trusts . </P> <P> In the general sense, a trust is a centuries - old legal arrangement whereby one party conveys property to a trustee to hold for a beneficiary . These are commonly used to hold inheritances for the benefit of children, for example . The specific sense from 19th - century America used in the law refers to a type of trust which combines several large businesses for monopolistic purposes--to exert complete control over a market--though the law addresses monopolistic practices even if they have nothing to do with this specific legal arrangement . In most countries outside the United States, antitrust law is known as "competition law". </P>

Who was president during the sherman anti-trust act