The four major pieces of legislation collectively known as the Antitrust Laws are the Sherman Act (1890), Clayton Act (1914), Federal Trade Commission Act (1914) and the Cellar-Kefauver Act (1950). The Sherman Act was the first Anti-trust law put in place. It was designed to break up existing monopolies that were already in place. The act stated that it was illegal to contract inhibit trade. It also made it illegal to try and monopolize industries or to have a monopoly of an existing industry. While the intentions were admirable this act was extremely vague and had very little clarity. Both the legal system and businesses were unclear as to what was legal and what was illegal. In an effort to provide more clarity and definition the Clayton Act was passed in 1914. This act was far more defined the Sherman Act and provided more structure and definition regarding legal versus illegal behavior. This Act specifically outlawed the practice of price fixing and the use of tying contracts. The Clayton Act also prohibited a company from buying out a competitor in order to reduce or prevent competition. The last major component of this legislation was the provision that stated that it was illegal for to be “interlocking directorates”. For example the CEO of a company cannot sit on the board of Directors of its competitor. This legislation made this conflict of interest illegal. Also in 1914 the Federal Trade Commission Act was passed. This legislation the government agency known as the Federal Trade Commission. This agency consisted of 5 members and they were responsible to investigate suspected unfair competitive practices which they discovered on their own or at the request of a third party( usually an injured third party).The last piece of major anti-trust legislation that was passed was the Celler-Kefauver Act of 1950. This act was actually an amendment created specifically