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Warren G. Harding dies of a heart attack and Calvin Coolidge, his Vice President, assumes the office as the 30th President. -
A stock market crash begins a downward economic spiral that devastates American industry and economic prosperity.
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The Glass-Steagall act authorizes Federal Reserve Banks to lend to Federal Reserve System member banks or to any individual member bank, and issues Federal Reserve Bank Notes backed by US government securities when a shortage of “eligible paper” arises. -
Franklin D. Roosevelt is inaugurated as the 32nd President of the United States. -
The Emergency Banking Act is passed by the United States Congress, aiming to restore public confidence in the nation’s financial system after a weeklong bank holiday. -
The Agricultural Adjustment Act becomes part of the New Deal era, designed to boost agricultural management for the supply and demand of agricultural goods. -
The Social Security Act establishes the Social Security program, providing a national pension fund for retired citizens. -
The Rural Electrification Act provides federal loans for the installation of electrical distribution systems to serve isolated rural areas of the United States. -
Britain gains a new Prime Minister by the name Winston Churchill. He forms a national government and watches over the British involvement in the war effort against the Axis Powers. -
While World War II officially began with the invasion of Poland on September 1, 1939, the Japanese launch of a surprise attack on Pearl Harbor brings the United States into the war.