United States Economic History

Timeline created by Rebecca Silverstein
In History
  • Federal Reserve Act

    Federal Reserve Act
    President Wilson signed the Federal Reserve Act into law, creating a new central bank.
  • Bureau of Customs

    Bureau of Customs
    The Bureau of Customs was created as a separate bureay within the Treasury Department, but the authority for the collection of Customs revenue was established by the Constitutution in 1789.
  • Modern U.S. Currency Notes First Issued

    Modern U.S. Currency Notes First Issued
    The first modern sized currency notes were issued, bearing the series date 1928.
  • Black Tuesday

    Black Tuesday
    On Wall Street, there was a massive stock market crash that signaled the beginning of the Great Depression.
  • Reconstruction Finance Corporation

    Reconstruction Finance Corporation
    The Reconstruction Finance Corporation was established. An important part of President Roosevelt's New Deal, the RFC distributed $9.465 billion in loans from 1932 to 1941.
  • Emergency Banking Act

    Emergency Banking Act
    The Emergency Banking Act was passed by Congress and approved by President Roosevelt. The Emergency Banking Act forced banks to allow the government to inspect them before they could be reopened. It gave the government the ability to permanently close down banks determined to be financially insecure and reorganize banks that were salvageable.
  • International Bank for Reconstruction and Development

    International Bank for Reconstruction and Development
    he International Monetary Fund (IMF) and the International Bank for Reconstruction and Development were created by delegates from all 45 Allied nations in a conference.
  • Tax Reform Act of 1976

    Tax Reform Act of 1976
    President Ford signed the Tax Reform Act of 1976, increasing the standard reduction.
  • Economic Recovery Tax Act

    Economic Recovery Tax Act
    President Reagan signed the Economic Recovery Tax Act, reducing income taxes by approximately 23 percent over a three year period and lowering estate taxes.
  • Black Monday

    Black Monday
    Black Monday occured on Wall Street. The Dow Jones Industrial Average fell 508 points, the second largest percentage and point collapse in history. The definite cause of the collapse would remain a point of debate among economists.
  • Department of Homeland Security

    Department of Homeland Security
    The Department of Homeland Security was created, and three historical bureaus (U.S. Customs Service, U.S. Secret Service, and Federal Law Enforcement Training Center) were transferred to it.