On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act, establishing America’s current central banking system. Commonly known as the “Fed,” this independent governmental agency manages the country’s supply of money and credit.
On October 29, 1929, the worst stock market crash in history occurred, marking the start of the decade-long Great Depression. FDR’s New Deal and Works Progress Administration helped the US recover.
On May 17, 1792, the Buttonwood Agreement was signed, laying the groundwork for the New York Stock Exchange. Today, it’s the world’s largest stock exchange.
On March 9, 1933, President Franklin Roosevelt signed legislation authorizing the Emergency Bank Act (EBA) to provide financial relief during a Depression-era banking crisis.
On December 4, 1816, the Philadelphia Savings Fund Society (PSFS) officially began operations. It’s credited as the first savings bank to be organized and conduct business in the United States.