Black Tuesday Stock Market Crash
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.
Finance
Forerunner to New York Stock Exchange Formed
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.
Emergency Banking Act
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.
First Savings Bank in the U.S.
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.
Federal Reserve Established
On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act, establishing America’s current central banking system.