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President Wilson signed the Federal Reserve Act into law, creating a new central bank.
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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.
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The first modern sized currency notes were issued, bearing the series date 1928.
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On Wall Street, there was a massive stock market crash that signaled the beginning of the Great Depression.
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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.
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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.
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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.
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President Ford signed the Tax Reform Act of 1976, increasing the standard reduction.
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President Reagan signed the Economic Recovery Tax Act, reducing income taxes by approximately 23 percent over a three year period and lowering estate taxes.
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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.
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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.
