Which of the following statements BEST characterizes the federal government's relationship with American corporations during the late-19th century? Corporate officials voluntarily imposed restrictions on their business practices in order to avoid government regulations.

The government tightly regulated the banking industry but did not regulate other industries during this time period.

The government tightly regulated manufacturers but did not regulate other industries during this time period.

Government officials took a "hands off" approach to private companies and generally tried to avoid regulating their business practices.