Editing Calvin Coolidge (section)

===Industry and trade===
{{See also|Lochner era}}
{| class="toccolours" style="float: right; margin-left: 1em; margin-right: 2em; font-size: 85%; background:#c6dbf7; color:black; width:30em; max-width: 40%;" cellspacing="5"
| style="text-align: left;" |"[I]t is probable that a press which maintains an intimate touch with the business currents of the nation is likely to be more reliable than it would be if it were a stranger to these influences. After all, '''the chief business of the American people is business'''. They are profoundly concerned with buying, selling, investing and prospering in the world." 
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| style="text-align: left;" | "President Calvin Coolidge's address to the American Society of Newspaper Editors", Washington D.C., January 25, 1925{{sfn|Shlaes|2013|p=324}}
|}

During Coolidge's presidency, the United States experienced a period of rapid economic growth known as the "[[Roaring Twenties]]". He left the administration's industrial policy in the hands of his activist Secretary of Commerce, [[Herbert Hoover]], who energetically used government auspices to promote business efficiency and develop airlines and radio.{{sfn|Ferrell|1998|pp=64–65}} 

Coolidge disdained regulation and appointed men to the [[Federal Trade Commission]] and the [[Interstate Commerce Commission]], who did little to restrict the activities of businesses under their jurisdiction.{{sfnm|Ferrell|1998|1pp=66–72|Sobel|1998a|2p=318}} The regulatory state under Coolidge was, as one biographer called it, "thin to the point of invisibility".{{sfn|Ferrell|1998|p=72}}

Historian [[Robert Sobel]] offers some context for Coolidge's ''[[laissez-faire]]'' ideology, based on the prevailing understanding of [[federalism]] during his presidency: "As Governor of Massachusetts, Coolidge supported wages and hours legislation, opposed child labor, imposed economic controls during World War I, favored safety measures in factories, and even worker representation on corporate boards. Did he support these measures while president? No, because in the 1920s, such matters were considered the responsibilities of state and local governments."{{sfnm|Sobel|1998b}}{{sfnm|Greenberg|2006|1p=47|Ferrell|1998|2p=62}} 

Coolidge signed the [[Radio Act of 1927]], which established the [[Federal Radio Commission]] and the [[equal-time rule]] for [[Radio in the United States|radio broadcasters]] and restricted radio [[Broadcast license|broadcasting licenses]] to [[Radio broadcasting|stations]] that demonstrated they served "the public interest, convenience, or necessity".{{sfn|Greenberg|2006|pp=131–132}}<ref name="1927act">[https://babel.hathitrust.org/cgi/pt?id=uc1.$b45924&view=1up&seq=204 ''Radio Act of 1927''] (Public Law 69-632), February 23, 1927, pp. 186–200.</ref>