CHRONOLOGY OF US MARKET AND MONETARY POLICY EVENTS <40

COMPILED AND DESIGNEDAS KINGARTHURMPROPERTIES 1
CHRONOLOGY OF EVENTS IMPACTING US MARKET AND MONETARY POLICY, 1789/2000,from the Constitution
through the 18th Century to now [compiled and designed as the intellectual propriety of King Arthur M]
Date EVENTS
Colonial and Continental Times
1602 Amsterdam Stock Exchange was the oldest Stock Exchange Market, bourse was its name. It was established as a place
where governments could sell their loans (bonds) for liquid to fund their projects
May 6, 1644 The adoption of the name Wall Street, before NY, it was this wall protectingagainstBritish invasion.
May 27, 1652 General Court passed the Massachusetts Bay Mint Act, establishingtheONLY colonial mint.
Sept 24, 1664 British captured this colony and renamed itNew York after James, the Duke of York; New Amsterdam became New York
City.
Sept 01, 1673 The Navigation Act of 1673 went into effects. The English Parliamentdid pass Navigation Acts of 1673 (also called
plantation Duty Act), 1696 and 1773 to
 Closemore trade loopholes
 Increasethe listof ‘goods and commodities’
 Increasethe duties (taxes) on the goods
 Appoint Vice Admiral court in the colonial America to enforce the Navigation laws
Previous Navigation Acts passed were 1651,1660, 1663 (also called StapleAct) .
May 6, 1685 The layoutat Wall Street
Feb 03, 1690 The Massachusetts Colony issued the 1st government authorized paper money in the western world.
Dec 09,1690 Massachusetts colony bills of creditfor soldiers werethe 1st official currency in America.
July 27, 1694 Establishmentof Bank of England as the firstcentral bank.
1757 Colonial Debtfree, paper fiatcurrency known as bill of creditwas printed in the public interestin the US.
May 22, 1761 FirstAmerican Life Insurancepolicy was issued in Philly,Pa to Rev Francis Allison,whosepremium was 6 pounds per
year.
Mar 22, 1765 Stamp Act, the 1stdirect tax levied by UK parliamenton the colonists was passed and repealed later after economy
boycott.
Oct 07, 1765 Stamp tax Continental Congress meeting was greeted with “taxation without representation is tyranny’slogans
June 29, 1767 The Townsends Acts established the Board of Customs Commissioners in Boston
April 12,1770 The Townsends Acts were repealed except for the tea tax.
Sept 05, 1774 The FirstContinental Congress assembled in Philadelphia.
June 22, 1775 The 1st issuanceof Continental Money ($2 Million worth) was authorized by Continental Congress to financethe
revolutionary war,circulation stopped on May 31, 1781.
July 21, 1775 3 men were appointed to supervisethe printingof $2 Million in billsand 28 citizens of Philadelphia wereemployed by
the Continental Congress to sign and number them.
July 26, 1775 The Continental Congress established a postofficeand appointed Benjamin Franklin as its postmas ter general.
Nov 6, 1775 A committee to examine the amount of money remainingin the Treasury was appointed.
Feb 17, 1776 Standingcommittee of 5 to superintendent the Treasury Department was appointed.
April 6, 1776 The Officeof Accounts was created and headed by the Auditor General and StandingCommittee.
June 11, 1776 John Jefferson, John Adams, Ben Franklin,Roger Sherman and Robert Livingston were members of the committee who
drafted the Declaration of Independence.
July 4, 1776 The Continental Congress approved the Declaration of Independence.
Oct 03, 1776 1st domestic loan occurred with authorization of the Treasury Board to borrow $5 Million to help financethe
Revolutionary war.
Oct 17, 1776 A committee was formed to find better way to regulate the Treasury Board.
Dec 24,1776 The Treasurer was authorized to employ people to sign bills.
Feb 20, 1777 The establishmentof the mint gave the Treasury Board the task to regulate the mint and stamp on the coins .
Sept 10, 1777 A committee was formed to prepare recommendations for each state abouttaxation for the war.
Sept 27, 1777 After British attack,Congress and the Treasury moved to York, Pa.
Feb 6, 1778 The Treaty of Amity and Commerce was signed with Francein Paris.France was the 1st to recognize US as independent
‘Etats Unis D’ Amerique’.
May 4, 1778 The Treaty of Allianceand Defense was signed with France.
Sept 19, 1778 The Firstnational budget was presented by the committee on Finance.
Sept 26, 1778 The Treasury system was reorganized with Auditor, Officeof Comptroller, Officeof Treasurer.

Feb 11, 1779 The office of Secretary of the Treasury was created with $2,000 salary a year for the secretary.
June 2, 1779 The Board of Treasury signed continental billsof credit.
Feb 7, 1781 The Officeof Superintendent of Financeand precursor to the Secretary of the Treasury were established.
Mar 1, 1781 The Articles of Confederation were ratified,forming the 1st US Government.
Jan 7, 1782 Bank of North America opened in Philadelphia,the charter was granted by Congress in 1781.
Sept 16, 1782 The Great Seal of the US was imprinted onto a document for the firsttime.
1783 The FirstIPO in US took place.
June 9, 1784 Bank of NY (now Bank of NY Mellon) was funded.
1784 Bank of NY started issuingthe 1stversion of American cheque book.
July 6, 1785 The adoption of the dollar as thecurrency of the US
Oct 13, 1786 The board was authorized to settle the debt from war with the individual states.
Oct 16, 1786 Creation of Mintin Philadelphia,Pa
Dec 7, 1787 Delaware became the 1st state to be admitted to the Union.
Dec 12,1787 Pa became the 2nd state to be admitted to the Union.
Dec 18,1787 New Jersey became the 3rd state to be admitted to the Union.
Jan 2, 1788 Georgia became the 4th state of the Union.
Jan 9, 1788 Connecticut became the 5th state of the Union.
Feb 6, 1788 Massachusetts became the 6th state of the Union.
April 28,1788 Maryland became the 7th state of the Union.
May 23,1788 South Carolina becamethe 8th state of the Union.
June 21, 1788 New Hampshirebecame the 9th state of the Union.
June 25, 1788 Virginia becamethe 10th state of the Union.
July 26,1788 New York became the 11th state of the Union.
April 1, 1789 Frederik Augustus Conrad Muhlenberg of Pa was elected the firstSpeaker of the U.S House of Representatives. It
became a law. ArticleI, Section 2 of the U.S constitution states:“the House of Representative shall chuse their Speaker
and other officers…”
April 11,1789 Manufacturers and tradesmen from Baltimore, Maryland petitioned the firstCongress for a protective tariff
April 30,1789 George Washington was inaugurated as the 1st President of the US on Wall Street in New York city; the nomadic capital
started its NY temporary stay. Probably,most offices were still in Pa.
INDEPENDENT UNION
Date Legislation References Impact
1789
July 2 The Constitution Article I Section 9,
paragraph 7
Gives Congress the power to levy taxes and requires
appropriations by Congress. “No money shall be drawn from
the Treasury, but in Consequence of Appropriationsmade by
law; and a regular Statement and Account of the Receipts and
Expenditures of all public Money shall be published from time
to time.”
July 20 US Duties. Duties were imposed on tonnage with charging ships.
July 31 Establishment of US Custom Ch 5, 1stat 29 5th Act of Congress established the US Customs Service as
regulation of the collection of duties on tonnage.
Sept 2 An Act Established the
Treasury Department
31 U.S.C.A §30
(Statute I Chapter XII,
section 1)
Established elements underlying federal financial systemincluding
disbursements,accounting,and reporting and offices of Secretary of
the Treasury, Comptroller, and Auditor. Section 2 states “that it shall
be the duty of the Secretary of the Treasury to digest and prepare
plans for the improvement and management of the revenue, and the
support of public credit;to prepare and report estimates of the public
revenues, and the public expenditures;to superintendent the
collection of revenuesto decide on the forms of keeping and stating
accounts and making returns, and to grant under the limitations
herein established,or to be hereafter provided, all warrantsfor
monies to be issued from the Treasury, in pursuance of
appropriations by law;…and generally to perform all such services
relative to the finances, as he shall be directed to perform.”
Sept 11 Nomination of the 1st Executive Journal, I, 25 Alexander Hamilton [was perhaps born Alexander Levine and Jew]

Secretary of Treasury took oath of office as the 1st Secretary of the US Treasury
Department.
Sep 13 1st Temporary Loan to US (Hand) Letter signed by
Hamilton with US
Treasury letterhead on
Oct 14th, 1789
U.S Gov’t took out a temporary loan, the only loan taken without the
‘authority of the law’ meaning without congressionalauthorization.
only under just the discretion of the Secretary. The loan was taken
from 2 banks in New York.
Nov 21 North Carolina Admission North Carolina became the 12th state of the Union.
Other Economy & Finance
Legislative Summaries
Ch 2, 1 stat.24 Tariff Act (July 4 and Aug 10,1790)
1790
Jan 9 1st report on Public Credit Report of the Treasury
Secretary to the House
of Representatives
Hon Hamilton submitted his 1st report on Public Credit advocating
state debts.
May 29 Rhode Island Admission Rhode Island became the 13th state of the Union.
June 8 Repayment of Loan The temporary loan of 1789 was repaid, final redemption.
Jul 22 Indian Intercourse Act Ch 33 1 stat137 Regulated commerce with Indian tribes.
Aug 2 First U.S Census Day The 1st Federal Census was performed to downplay British counts.A
year after George Washington tookthe US presidency, Federal
Marshalls used horses to knock every door and ask just 6 questions to
comply with March 1, 1790 congressionalinstruction to the new
government. Article 1, section 2 of the constitution; “Representatives
and direct taxes shall be apportioned among the several States which
may be included within this Union according to theirrespective
numbers, which shall be determined by adding to the whole number
of free persons, including those bound to service for a term of years,
and excluding Indians not taxed, three fifths of all otherpersons. The
actual enumeration shall be made within three years after the first
meeting of the Congress of the U.S, and within every subsequent term
of ten years, in such manner as they shall by law direct.” 18 months
later, the cost for the census was $45,000. It did count 3.9 million
people.
Aug 4 Funding Act of 1790 Ch 34 1 stat138 Authorized the full assumption of state debts by the Fed. Congress
authorized the 1st U.S Government securities.
Dec 14 Report on a National Bank Hon Hamilton submitted his report on a National Bank to Congress.
Ch2,1stat101 Provision for the 1st Census (Mar 1)
Ch71stat109 Patent Act of 1790 (April 10)
Ch15, 1stat124 Copyright Act (May 31)
Sec 62,1 stat176 Collection of Duties Act (Aug 4)
1791
Jan 28 Report on Mint Hon Hamilton submitted his report on Mint.
Feb 10 Report on Trade with China
and India
Hon Hamilton submitted his report on trade with China and India to
the House of Representatives with no trade war recommendation,
fortunately.
Feb 25 1st Bank of U.S. Ch10,1stat191 First Central Bank is chartered by US Congress for 20 years term.
March 3 Whiskey Act-1st internal
revenue tax Act
Ch15,1stat199 First Internal Revenue Tax, established as a system taxing on distilled
spirits—was passed by Congress.
March 4 Vermont Admission Vermont became the 14th state of the Union.
Nov 26 1st Cabinet Meeting Pdt George Washington held his and US 1st cabinet meeting.
Dec 12 Opening of 1st Bank The 1st Bank of US was opened in Philadelphia, Pa. It provided
national currency and acted as the Gov’t fiscal agent.
1792
Feb 20 Postal Service Act Ch7,1stat232
April 2 Coinage Act Ch 16,1stat246 1st US Mint facility was established in Philly, Pa and a US legal
tender systemwas established.In practice, they were too many.
April 14 Apportionment Act Ch23,1stat253

May 8 Creation of Commissioner
Position
A Commissioner of the revenue was created to supervise the
collection of taxes.
May 17 Creation of NYSE 24 merchants signed the buttonwood agreement which created the
NYSE on 68 Wall Street Manhattan.
Jun 1 Kentucky Admission Kentucky became the 14th state of the Union.
Nov 6 Supply of Coins Pdt Washington declared an end to the coin shortage with the
production of the 1st half dime coins.
Summaries
Union Bank became the 3rd charter bank (1792), 1st state charter.
1793
Feb 09 Rules on Foreign Coins The use of foreign coins as legal tenderwas authorized in the US.
Feb 20 Report on Foreign Loans Hamilton’s letters to
Mr. Short before the
House of the Rep.
Feb 18 Act for Licensing Ch 8,1stat. 305 Enrolling and licensing ships or vessels to be employed in the coating
trade and fisheries.
July 20 First Minting Approximately 7,000 half-cent coins were produced by the mint.
1794
Aug 07 Tax Rebellion Whiskey rebellion against whiskey tax act was not drunk.
Oct 15 1st Silver Dollar The 1st silver dollar coins were released into circulation.
1795
Jan 14 2nd Report on Public Credit Hon Hamilton published his 2nd report on public credit.
Jan 31 Secretary Resignation Hon Hamilton resigned and ending his term as the 1st Secretary of the
Treasury.
Feb 3 Nomination of the Secretary Oliver Wolcott Jr was nominated as the 2nd Secretary of the Treasury.
July 31 Currency Release The 1st gold coin were released into circulation.
Sept 22 Release of Currency The 1st $10 Gold eagle coins were minted and released into
circulation.
Oct 10 Diversity at the Treasury The 1st 2 women were employed by the US Mint as adjusters.
1796
May 6 Establishment of the U.S
Capital
A loan to establish the capital of U.S government in Washington DC,
chocolate city, was authorized.
June 1 Tennessee Admission Tennessee became the 16th state of the Union with all its country.
Sept 21 Currency Release The 1st quarter eagle gold coins were minted and released.
1798
July 6 Act to Protect Commerce Ch68,1stat578 Act further to protect the Commerce of the US.
July 14 Imposition of Tax Duties The 1st direct tax federal tax on states was levied by Congress on
dwellings, land and slaves.
July 31 Foreign Coins Use Rules Pdt John Adams signed a proclamation allowing a 3 years extension
for the use of foreign coins.
1799
Sept 1 Founding of Bank Bank of Manhattan Company (know now as JP Morgan Chase) was
founded.
1800
June 15 Opening of Treasury
Building
George Hatfield’s Treasury building opened in Washington with 69
employees beginning work at the nation’s permanent capital, good
bye the empire city. They were 1st Federal employees in DC.
1801
Jan 1 Nomination of new Secretary Samuel Dexter started working as Secretary of the US Treasury
Department.
Feb 27 DC Organic Act Ch15,2Stat.103
May 14 Nomination of the new
Secretary
Albert Gallatin, the longest serving (13 years) Secretary of the US
Treasury Department was appointed by Pdt Jefferson.
December 1st Report on Finances (until
1980)
In compliance with the act of Congress entitled “An act
supplementary to an act to establish the Treasury Department”
approved May 10, 1800, report of the Secretary of the Treasury on
the State of the Finances was required to be submitted to Congress

once a year. Before this state of the finances, they were 5 reports
from Hamilton to Congress on public credits (2), national bank,
manufactures and establishing a Mint. The May 10, 1800 Act
required the US Treasury Secretary “to digest,prepare, and lay
before Congress, at the commencement of every session, a report on
the subject of finance, containing estimates of the public revenue and
public expenditures,and plans for improving or increasing the
revenue, from time to time.” After the free banking debacle, in 1853,
1861 and 1863, they were 3 separated annualreports of the Secretary
of Treasury on the condition of the banks in the United States.All the
reports before 1801 were under the resolution passed by the House of
Representatives in 1791 “that it shall be the duty of the Secretary of
Treasury to lay before the House of Representatives,on the 4th
Monday of October in each year, if Congress shall then be in session,
or if not then in session, within the 1st
week of the session next
following the said 4th
Monday of October,…”.
1802
Jan 07 Establishment of Ways and
Means Committee
Ways and Means Committee was 1st established as a select
committee on July 24, 1789 and discharged less than 2 months later.
It was established as a standing committee in the House rules on
Thursday,January 7, 1802.
1803
Mar 1 Ohio Admission Ohio became the 17th state to be admitted to the Union.
1804
July 11 Death of the Financier Star First and former Secretary Hamilton of the US Treasury Department
was fatally wounded by Vice Pdt Aron Burr and he died the next day,
no case filed against the VEEP, the murderer. Did he visit the new
capital office before to be executed? I don’t have that answer.
1807
Dec 22 Embargo Act Ch5,2stat.451 The embargo was signed into law.
1809
Mar 1 Anti-intercourse Act No pregnancy with land trade!?
1810
1810 First Business Census Congress directed the federal Marshals and their assistants to take ‘an
account of the several manufacturing establishments and
manufacturers within their districts” as a part of the census. The first
recorded proposalfor collecting industrial data was unsuccessful.
Congress amended its June 7, 1809 resolution on May 1, 1810 and
ordered the collection and tabulation of data on manufacturing
establishments.
1811
Mar 4 Closure of the Central Bank The first Bank of U.S was permanently closed.
1812
April 30 Louisiana Admission Louisiana became the 18th state to be admitted to the Union.
June 16 Opening of the new Bank City Bank of New York (later named Citibank) opened.
1814
Feb 9 Nomination of a new
Secretary
George W Campbell was nominated for the US Treasury Department.
Aug 24 British Attack British burned the new Treasury building and the White House.
1816
April 13 Establishment of the Central
Bank
The 2nd Bank of US was chartered by Congress with main office in
Philly, Pennsylvania,independent and partially owned by the U.S
Government.
April 27 New Tariff Tariff of 1816, known as Dallas Tariff was to protect USA
manufacturing companies from global competition.
Oct 22 Nomination of a new
Secretary
William H Crawford started working as Secretary of the US Treasury
Department.
Dec 10 Establishment of Senate Senate Committee on Finance was established a year earlier on

Committee on Finance December 11, 1815.
Dec 11 Indiana Admission Indiana became the 19th state of the Union
Dec 22 First Saving Bank in the
Neighborhood
First Saving & loan, Saving Fund Society, opened its doors in Philly,
Pa.
1817
Mar 8 Establishment of the Trading
Center
NYSE was officially funded with bylaw, President,… The meeting
started on Feb 25, 1817.
Dec 10 MississippiAdmission Mississippibecame the 20th state of the Union.
1818
April 18 Navigation Act Ch70,3stat.566
Dec 3 Illinois Admission Illinois became the 21st state of the Union.
1819
Mar 6 Establishment of Federal
Government’s Immunity
from State Taxation
17U.S 316 (4 Wheat.) In McCulloch v. Maryland, the US Supreme Court established federal
government’s immunity from state taxation.
Dec 19 Alabama Admission Alabama became the 22nd state of the Union.
1819 Major 2nd Bank Decision The 2nd Bank of U.S recalled Federal loans for land and it did cause
panic but no run.
1820
Mar 15 Maine Admission Maine became the 23rd state of the Union.
April 24 Land Act
1820 Birth of the Star Federal
Economic Data Source
It was created as a division of the US Treasury Department with a
duty to collect and publish annual foreign commercial statistics and
then domestic commerce. In 1866, that division became the Bureau
of Statistics. In 1874, the State Department created its own Bureau of
Statistics. In 1903, both Bureau of Statistics merged under the
umbrella of the new Department of Commerce and labor. It
published its first estimates in 1934. In 1974, the Bureau of
Economics was renamed as the Bureau of Economic Analysis.
1821
Aug 10 Missouri Admission Missouri became the 24th state of the Union.
1825
Mar 7 Nomination of a new
Secretary
Richard Rush started working as a Secretary of the US Treasury
Department, near the White House.
1828
May 29 New Imposed Duties Tariff Abominations was passed.
1829
Secretary
Samuel D Ingraham was nominated Secretary of the US Treasury.
Department
1830
Sept 11 First US Party Convention The Anti Masonic Party held its convention in Philadelphia, Pa, no
more powerful G-jewelry vote and licenses of business. It did start
this fight for diversity in banking and politic. An integration of non
‘brothers’ or non-freemasons was their main agenda.
1831
Aug 9 Nomination of a new
Secretary
Louis McLane was nominated Secretary of the US Treasury
Department.
1832
July 10 Major Veto Pdt Jackson vetoed the attempt to renew the Charter of the 2nd bank
of U.S.
1833
Mar 2 Compromise Act
Mar 11 White Collar Crime Inside
the Cash Room
Harry and Richard White burned the 2nd Treasury building trying to
destroy records proving that they committed pension fraud, good luck
‘Prince’ Harry.
May 29 Appointment of a new
Secretary
William J Duane was nominated Secretary of the U.S Treasury
Department.

Sept 23 Appointment of new
Secretary
Roger B Taney was nominated Secretary of the US Treasury
Department.
1834
June 34 Valuation of gold/currency Act of Congress revalued the amount of gold in dollars to cut cost.
July 1 Appointment of new
Secretary
Levi Woodbury was appointed as the Secretary of the US Treasury
Department.
1835
Jan 8 Federal Debt Pay Off Pdt Andrew Jackson did payoff all the Federal debt but they did soon
grow quickly after a big celebration dominated by happy hour party
to people and champagne toasts.
1836
Jun 15 Arkansas Admission Arkansas became the 25th state of the Union.
1836 Magazine Publications American Bankers started publishing banking news, closure, currency
and more.
1837
Jan 26 Michigan Admission Michigan became the 26th state of the Union
May 10 Financial Crisis The panic of 1837 began when all NY city banks suspended
payments.
June 9 Issuance of Currency The Republic of Texas authorized the issuance of $500,000 of its
own big currency.
Sept 14 House XXI Rules In the 44th congress,the House adopted a rule which stated “No
appropriation shall be reported in such general appropriation bills,
or be in order as an amendment thereto for any expenditure not
previously authorized by law”.
1838
Mar 28 Minting Currency The first coinage bearing a mint mark, gold half-eagle coin, were
produced at the Charlotte Mint.
1838 New Inventive Regulation New York introduced a Free Banking bill, Michigan used it to be the
state to pass the Free Bank Act. It did allow anyone,freemason or
non-freemason, to open a bank association as long as they complied
with just a few legal rules.
1839
Aug 9 Treasury Building
Renovation
The Treasury building at the 15th street and Pa street NW was ready
for 50% occupancy rate. No cash room fully available except for
inauguration.
1840
Feb 26 Census Improvement The number of census questions increased from 6 to more than 70.
Agriculture, mining and fishing questions were added. It complied to
the Census Act of 1939 (March 3, 1939 amended on February 26,
1940).
1841
March 4 Appointment of new
Secretary
Thomas Ewing was appointed as The Secretary of the US Treasury
Department.
April 19 Bankruptcy Act
Sept 4 Pre-emption Act
Sept 11 Cabinet Resignation Most member of Pdt Tyler cabinet resigned in protest of his veto of
the creation of the 3rd Bank of US.
Sept 13 Appointment of the new
Secretary of the Treasury
Walter Forward was appointed as the Secretary of the U.S
Department.
1842
Aug 26 Establishment of Fiscal Year Congress established that the fiscal year would begin on July 1 and
end on June 30. In 1974, It was changed again to begin on October 1
and ended on September 30.
1843
Mar 8 Appointment of new
Secretary of Treasury
John C Spencer was appointed as the Secretary of the US Treasury
Department.
May 27 Birth of the faxsimile Alexander Bain received his patent for his intention to send an image
over the wire.

1843 New Economy magazine Economist started publication of the world economy.
1844
George M Bibb was appointed as the Secretary of the U.S Treasury
Department.
1845
3/3 Florida Admission Florida became the 27th state of the Union.
Mar 8 Appointment of Secretary Robert J Walker was nominated as the Secretary of the US
Department.
Dec 3 Report to Congress Hon Walker submitted his famous free trade Annual report to
Congress.
Dec 29 Texas Admission Texas became the 28th state of the Union.
1845 New Bank was Chartered PNC Bank was founded.
1846
Mar 3 Revenue Cutters Act
July 30 Walker Tariff Act
Aug 6 Treasury Act The president signed the 2nd independent Treasury Act into law.
Dec 28 Iowa Admission Iowa became the 29th state of the Union.
1848
May 29 Wisconsin Admission Wisconsin became the 30th state of the Union.
1849
Mar 3 New Currency The gold Coinage Act of 1949 was passed to create the $1 gold coin
and $20 double eagle gold coin.
Mar 8 Appointment of Secretary of
Treasury
William W Meredith was appointed as the Secretary of the Treasury
Department.
1850
Mar 18 New Financial Institution American Express was founded.
Thomas Corwin was appointed as the Secretary of the US Treasury
Department.
Sept 9 California Admission Californian became the 31st state of the Union.
Dec 19 Senate Rule XVI Unauthorized appropriations barred by the first Senate rule requiring
that appropriations carry out existing law “no amendment proposing
additional appropriations shall be received to any general
appropriation bill,unless it be made to carry out the provisionsof
some existing law, or some act or resolution previously passed by the
Senate during that session, or moved by a standing committee of the
senate,…”.
Ch60,9stat.462 Fugitive Slave Act (9/18) did increase confidence in the government.
Ch76,9stat.496 Donation Land Claim Act (9/29) did affect ownership.
1851
Mar 3 New Currency A 3-cent coin was minted and circulated.
Sept 18 New Newspaper New York Times was founded and started publication of major
business and banking news.
October New Media Reuters was founded to play a major role in the international financial
dissemination.
1852
1852 New Bank Opening Doors Wells Fargo Bank was founded.
1853
Mar 3 New Gold Trade Office Assay Office was established in New York City, NY, that Wall Street
office was where people could deposit raw materials such as gold and
silver in exchange for currency.
James Guthrie was nominated as the Secretary of the US Treasury
Department.
1857
Feb 19 New Currency in circulation The Flying Eagle design for the one-cent was implemented and half-
cent coin discontinued.
Feb 21 Legal Tender Rule The 1793 legal tender properties of foreign coins were discounted at

their replacement value.
Secretary
Howell Cobb was appointed as the Secretary of the Treasury
Department.
1858
May 11 Minnesota Admission Minnesota became the 32nd state of the Union.
1858 New Bank chartered Fifth Third Bank was opened.When American consumption lifestyle
and behavior brought indebtedness and delinquencies high. Your
banker is only in love only saving accounts holders who help him to
make money with their money.
1859
Feb 14 Oregon Admission Oregon became the 33rd state of the Union.
1860
Jun 16 Pacific Telegraph Act Ch147,12stat41
Dec 12 Appointment of Secretary of
Treasury
Philip F Thomas was appointed as the Secretary of the U.S Treasury
Department.
1860 Establishment Credit Rating It was the founding of Standard and Poors credit rating agency with
the publication of Henry Varnum Poor book.
1861
Jan 15 Nomination of a new
Secretary
John Dix was appointed as the Secretary of the US Treasury
Department.
Jan 29 Kansas Admission Kansas became the 34th state of the Union.
Mar 2 Morrill Tariff Act Ch6812stat178
Secretary
Salmon P Chase was appointed as the Secretary of the US Treasury
Department.
Mar 9 New Currency in Circulation $50, $100, $500 and $1000 were released into circulation.
July 17 Paper Currency at Last in
circulation
First paper currency called greenbacks was produced and circulated
to fund the civil war.
Aug 5 Revenue Act-1st national
income tax
U.S levied the 1st national income tax to help pay for the Civil War.
It was repealed in 1872.
Aug 6 Confiscation Act
Aug 29 Paper Currency Production First paper currencies were separated and sealed in the form of $1
and $2 U.S notes.
Nov 13 Root of the Motto Rev M.R Robinson letter to Secretary Chase was the founding idea in
adding the motto ‘in God We Trust’ to the US money.
1862
Mar 17 Legal Tender Offer Greenbacks were developed to prevent counterfeiting and they were
made legal tender.
April 16 Release of People Held in
DC
Free slaves added human capital and confidence to US economy.
May 20 Homestead Act
July 1 Pacific Railway
July 1 Revenue Act of 1862 The Revenue Act of 1862 established a permanent tax collection
agency named office of Internal Revenue and headed by a
Commissioner.
July 17 New Type of Money Stamps were authorized to be used as money.
Aug 21 Stamp Release Fractionary Currency known as postage currency was issued for the
1st time. The 1st issuance was made up of 5, 10, 25 and 50 cent notes.
1863
Feb 25 National Bank Act National Bank Act established a National Bank System with purpose
to 1-create the systemof national bank, 2-create a uniform national
currency and 3-create an active secondary market for Treasury
securities to help fund the Civil War. OCC by consequent was
created.
Mar 2 False Claims Act
Jun 20 West Virginia Admission West Virginia became the 35th state of the Union
Oct 10 New Currency Release 2nd issuance of fractional currency was effective and released into
circulation in the form of 5, 10, 25 and 50 cent notes.

1863 Naming of Trading Center The New York Stock and Exchange Board was renamed New York
Stock Exchange.
1864
Feb 17 Discontinued Operation Seventh and final minting of old currency.
Mar 25 New Bank in the
neighborhood
The first Horizon national bank (corporation) was chartered.
June 3 National Bank Act The National Bank Act of 11864 provided a lasting framework for
National Bank Charters.
June 30 New Currency 3rd issuance of fractional currency was effective and released into
circulation.
July 5 Nomination of a new
Secretary
William Fessenden was appointed as the Secretary of the U.S
Treasury Department.
Oct 31 Nevada Admission Nevada became the 36th state of the Union.
Dec 6 New High for a Former Former U.S Treasury Secretary Chase was appointed Chief Justice of
the Supreme Court.
1865
Jan 30 Drama at the Treasury Scene Non-guilty to Mary Harris who shot her fiancé Burroughs in his
Treasury office. He had married anotherwoman while being
engaged to Mary. Sharing the same man would have been good
somewhere but first wife to a ‘virgin’ man is also an honorover-
there.
Mar 2 Establishment of House
Appropriations Committee
To manage a very heavy workload, the House of Representatives
separated appropriating duties from the Ways and Means Committee
and establish a new committee on appropriations to deal with them.
It started with 9 members including 6 Republicans and 3 Democrats
appointed on December 11, 1865. In June 1920, Resolution 324 re-
concentrated the committee and expanded it from 21 to 35 members.
Mar 3 Motto Rule Motto ‘In God we trust’ on every gold and silver coins by law.
Secretary
Hugh McCulloch was nominated as the Secretary of the US Treasury
Department.
April 14 Birth of Anti- counterfeiting
Police
Creation of the US Secret Service as an anti-counterfeiting unit
within the Treasury office.
Nov 13 New Type Currency in
Circulation
The first Gold certificates were issued.
1866
May 16 New Currency in circulation Creation of the nickel five cent coin to replace the smaller silver half-
dime. Size does matter here.
July 06 KKK Investigation US Secret Service investigated the Ku Klux Khan for fraud against
the United States.
1867
Mar 1 Nebraska Admission Nebraska became the 37th state of the Union.
Mar 6 The Creation of Senate
Committee on
Appropriations
Senator Henry B Anthony introduced a resolution providing for the
creation of a committee on appropriations to consist of 7 members.
Anthony resolution was considered by unanimous consent and agreed
to give birth to the Senate committee on appropriation on March 6,
1867. In 1899, Senate distributed appropriations authority among the
7 legislative committees. The residual value was 4 bills left to the
‘going concern’ appropriation committee. In 1922, it was revived
and in 1974 it was challenged a little.
Mar 30 Alaska Purchase The Alaska Purchase Treaty was signed into law with 7.2 million of
dollars to Russia before Putin, he could have gotten re-appraisal
rights.
Reconstruction Acts (3/2)
1868
July 09 Constitution of Federal Debt 14th Amendment was enacted related to federal debt. Section 4
states “the validity of the public debt of the U.S, authorized by law,
including debts incurred for payment of pensions and bountiesfor

services in suppressing insurrection or rebellion,shall not be
questioned.But neither the US nor any State shall assume or pay any
debt or obligation incurred in aid of insurrection or rebellion against
the US, or any claim for the loss or emancipation of any slave; but all
such debts, obligations and claims shall be held illegal and void.”
July 9 14th Amendment and its
Impact on the Census
This amendment granted full citizenship to ‘all persons born or
naturalized in the U.S’ that include former slaves recently freed.
Therefore, it ended the 3/5th counting rule for African Americans.
Sept 17 New Name for the Producers The Bureau of Engraving and Printing became the official name for
the currency production bureau.
1869
Mar 4 Party After Renovation The first inauguration ball of Pdt Grant was held in the Treasury’s
unfinished marble Cash Room. Was he shaved? May be, he was not.
Mar 12 Nomination of new Secretary
for the Treasury Department
George S Boutwell was nominated as the Secretary of the US
1869 Establishment of the Giant in
Financial Crisis Association
Goldman Sachs was founded with Koshermoney? May be! What is
the date on that charter document, a least a month, all classified?!!
1869 New Bank in the
Neighborhood
Mellon Bank as T Mellon & Son’s Bank was founded.
1869 New Financial Course at
Law School
Business law course was first taught at Yale Law School.
1871
March 3 First Civil Service
Commission
First Civil Service Commission (1872–1873) created through rider to
appropriations bill was signed into law by Pdt Grant on March 3,
1871.
1873
William Richardson was appointed as the Secretary of the US
Treasury Department
1874
Jan 29 Foreign Currency Production The U.S Mint was authorized to produce coins for foreign
governments. The first foreign coins were made for Venezuela
before Maduro bus job.
Jun 4 Nomination of new Secretary
of the Treasury
Benjamin H Bristow was appointed as the Secretary of the U.S
Department.
Jun 20 Currency Act Congress passed a currency Act to limit the maximum amount of
Greenbacks in circulation.
Nov 25 Formation of New Party The greenback Party was founded in Indianapolis, Indiana to oppose
Treasury policies vis a vis paper money
1875
Mar 25 New Currency in circulation The creation of 20-cent coin but circulated only two years and
discontinued operations at its replacement value before or after.
1876
Feb 15 Retirement from
circulation
Last fractional currency was issued.
July 7 Nomination of New
Secretary
Lot M Morrill was appointed as the Secretary of the U.S Treasury
Department.
Aug 1 Colorado Admission Colorado became the 38th state of the Union.
1877
Initial Stage of the
Music Business
A phonograph was invented by Edison while 10-inch disc records
was introduced in 1901. Music makes the US economy at peace with
the world.
1878
Feb 28 Bland-Allison Silver
Purchase Act
Bland-Allisson Silver Purchase Act was passed by congressional
votes and to provide silver certificates and dollars.
May 31 Retirement of legal
tender
An Act of Congress forbade further retirement of U.S legal tender
notes.
1880
May 1 New Department for Congress established a census office in the Department of Interior.

Census Under the provisions of the Act approved on March 3, 1879,
amended by the Act approved on April 20, 1880 a census on
population, wealth and industry of the U.S. was to be taken on or of
the date, June 1, 1880. It was appointment of professional
enumerators to replace U.S Marshalls with a duty to visit personally
each subdivision and family.
1880 New way to
communicate
It was the first use of telephone number at Lowell, Ma.
1881
Sept 20 Nomination of the
New Secretary
William Windom was appointed as the Secretary of the US Treasury
Department.
Nov 14 Appointment of
New Secretary
Charles J Folger as appointed as the Secretary of the US Treasury
Department.
1881 New Financial Entity Oppenheimer was founded.
1881 Creation of Business School The Wharton School of the University of Pennsylvania was the first
official Business School.
1884
June 27 Creation of the Federal
Economic Data Source
Bureau of Labor Statistics (BLS) was established in the Department
of Interior to collect information about employment and labor. Carrol
D Wright was the 1st U.S. Commissioner of Labor. It was transferred
to the Department of Commerce and Labor on Feb 14, 1913. After
the Department of Commerce and labor divorce, it became a star
researcher unit of the Department of labor in 1913.
July 4 New Financial Publication Dow Jones Industrial Average was first published.
Sept 5 Nomination of New
Secretary
Walter Q Gresham was appointed as the Secretary of the U.S
Oct 31 Nomination of New
Secretary
Hugh McCulloh was appointed as the Secretary of the U.S Treasury
Department. It is less common in the U.S for cabinet secretary to
hold the same cabinet position twice. Hugh is the only person to hold
the US Treasury Secretary position twice.
1885
January Surplus Record The Treasury Surplus was up to 500 Million dollars.
Mar 8 Nomination of New
Secretary
Daniel Manning was appointed as the Secretary of the US Treasury
Department.
1886
April 8 Currency vote Free coinage of silver bill failed to win Congressional approval votes.
Aug 2 Oleomargarine Act The Oleomargarine Act established the Bureau of Alcohol, Tobacco
and Firearms laboratory within the US Treasury Department.
Dec 22 First Meeting of Accountants First meeting of American Association of Public Accountants was
held.
1887
Feb 4 Interstate Commerce
Act
Mar 2 Hatch Act
April 1 Nomination of a new
Secretary
Charles S Fairchild was appointed as the Secretary of the US
1888
Jan 1 New Financial
Newspaper
Financial Times was published to disseminate financial news in
London. But, it became a star in the U.S instead.
1889
William Windom was appointed as the Secretary of the US Treasury
Department.
Nov 2 North Dakota Admission North Dakota became the 39th state of the Union.
Nov 2 South Dakota Admission South Dakota became the 40 state of the Union.
Nov 8 Montana Admission Montana became the 41st state of the Union.
Nov 11 Washington Admission Washington became the 42nd state of the Union.
1889 New Giant in Market News Wall Street Journal was founded.

1890
July 3 Wyoming Admission Wyoming became the 44th state of the Union.
July 14 Silver Purchase Act The Sherman Act Silver Purchase Act was enacted.
1891
Jan 29 Death at the Cash
Room
Secretary William Windom died in line of duty; the only Secretary to
die in office while making one too many speeches nearthe banquet.
Feb 25 Nomination of new
Secretary
Charles S Foster was appointed as the Secretary of the US Treasury
Department.
1891 Traveling Check America Express was the first to create traveler’s checks.
1894
July 31 Dockery Act Established fiscal accounting practices.
National City Bank of NY became the largest bank and first bank to
open a foreign department [trading]. (Aug 27)
Wilson-Gorman Tariff Act (8/27)
1895
Feb 8 Gold Purchase US Treasury Department bought gold from JP Morgan.
1896
Jan 4 Utah Admission Utah became the 45th state of the Union.
May 26 Dow Jones News DJIA was funded.
1897
Mar 2 Tea Importation Act
Lyman J Gage was appointed as the Secretary of US Treasury
Department.
1898
Jun 10 War Revenue Act
July 1 Bankruptcy Act
1898 West Coast School of
Business
West Coast Haas School of Business was established as the College
of Commerce of the University of California.
1898 Middle East B School Booth School of Business,the University of Chicago was established.
1899
Mar 10 Corporate Rulers Delaware General Corporation Law (first and most attractive
incorporation law in the US) was enacted to compete against NY.
1899 First Movie Theater The first movie theaterwas built in Philly, PA as a follow-up of the
first public showing of the films.
1900
Mar 14 Gold Standard Act The Gold Standard Act officially placed the U.S on the gold standard
list.
1901
Sept 6 New no Secret duties for the
Secret Service
The Secret Service was assigned to permanently protect the US
President and later the VEEP, their families, cabinet members,
Supreme Court Justices, Congressionalleaders and visiting foreign
leaders. No more alcoholic protected by the President?!!!
1902
Feb 1 Nomination of new Secretary
of Treasury
Leslie M Shaw was appointed as the Secretary of the US Treasury
Department
Feb 14 Creation of the new
department
The Department of Commerce and labor was established. It was
divided into two separate department of Commerce and Labor. After
that the Department of Commerce became a huge source of economic
data provider.
1904
Oct 17 Bank of America was
founded as Bank of Italy
It was founded by Amadeo P Giannini in San Francisco to serve the
needs of immigrants and then gays. It became Bank of America in
September 1998 after acquiring Nations Bank.
1906
Feb 27 Anti-Deficiency Act 31 U.S.C 1511 et seq It initiated apportionment of funds (amended in 1950)to allow
budgetary reserves and in 1974 to restrict budgetary reserves)and

Act prohibits federal agencies from obligating or expending federal
funds in advance or in excess of an appropriation or apportionment.
(also 1870)
Session 1 ch 3073 Federal Employers Liability Act (June 1)
1907
Feb 26 Federal Financial Reporting
Standard
Act of Feb 26, 1907, c.
1636 §1
US Secretary was required to include estimate of revenue and
expenditure.
Secretary
George B Cortelyou was nominated as the Secretary of the Treasury
Department.
Nov 16 Oklahoma Admission Oklahoma became the 46th state of the Union.
A Financial panic began as stockmarket fell to its historic free fall.
(March 13)
1908
Feb 18 Issuance of Postal Currency Postage stamp coils were issued for the first time.
May 18 Motto Rules “In God We Trust” was required to be placed on all coins starting in
1909.
May 30 Abroad Central Banking
Studies
The Commission studied banking in Europe and North America, the
reports it made led to the Federal Reserve Act of 1913.
July 26 Federal Agency to Combat
White Collar Crime
US AG Charles J Bonaparte ordered the creation of a force of special
agents that became the precursor of the FBI. Frauds used as a quick
road to get rich instantly was the reason of the creation of the Bureau
of Investigation which consisted mostly of accountants and rented
secret service agents (trained in counterfeiting). It was renamed in
1935 under the leadership of its director for life, J. Edgar Hoover.
Nov 24 New Banking in your
Neighborhood
St Mary Bank of Manchester,New Hampshire was the first credit
union in the USA.
1908 Midwest B School Kellogg School of Management was founded as Northwestern
University School of Commerce.
1908 First MBA Program Harvard B School was founded at Harvard University. It was the first
program in the World to offer the MBA courses and degrees.
1909
Feb 9 Opium Enforcement Act The Opium Enforcement Act prohibiting the use or possession of
opium for non-medicinal purposes.
Secretary
Franklin McVeigh was appointed as the Secretary of the US Treasury
Department.
Aug 2 New Design of Currency The Lincoln one-cent coin was issued to replace the Indian Head
penny,first to feature a real person,a late president.
1909 New Rating Company Moody’s Investors Services was founded.
1910
Jun 25 Post as a Bank The Postage Savings Depositories allowed the Post Office to function
as a bank.
1911
May 16 Supreme Court Order Standard oil Co dissolution ordered by the Supreme Court.
Aug 17 House Sustained Veto H.R 11019 A bill to reduce the duties on wool and manufactures of wool.
Aug 23 Presidential Veto H.R 12812 A bill to reduce duties on manufactures of cotton.
1912
Jan 26 New Mexico Admission New Mexico became the 47th state of the Union.
Feb 14 Arizona Admission Arizona became the 48th state of the Union.
Aug 14 Senate Sustained Veto H.R 18956 A bill to amend an act entitled ‘An Act to provide revenue, equalize
duties and encourage the industries of the U.S and for other purposes.
Oct 16 Report of the (Taft)
Commission on Economy
and Efficiency
Expressed need for national budget and executive budget.
1913
Feb 3 US Constitution, Congress fully empowered to tax income. “the Congress shall have

Amendment Act XVI power to lay and collect taxes on incomes, from whateversource
derived, without appointment among the several States, and without
regard to any census or enumeration.”
Mar 4 House Sustained Veto H.R 28775 A bill making appropriations for sundry civil expenses of the
Government for the fiscal year ending June 30, 1914.
William G McAdoo was appointed as the Secretary of the US
Mar 15 First Press Conference First presidential press conference Pdt Wilson did communicate with
his public when he met 100 reporters and did answer their questions.
Oct 3 First Fed Tax Federal income tax on individuals and corporations went into effect.
Dec 23 Federal Reserve Act. Ch6,38stat.251 Established institutions and systemfor national monetary policy; for
the first time Congress delegated considerable power over the federal
budget and national economy. Birth of Federal Reserve System as the
permanent central Bank after third attempt. Never twice without third
like the President number of marriages?!
Ch16,38stat.114 Revenue Act of 1913 (10/3) including Underwood Tariff.
John Fitch founded Fitch rating (1913).
1914
Jan 6 New Brokerage firm- Merrill
Lynch
Merrill Lynch was founded by Charles Merrill as Charles E Merrill &
Co. After adding several Partners, it became Merrill Lynch, Pierce,
Fenner and Smith in 1940’s. In 1952, this brokerage firm became
known as Merrill Lynch & Co.
July 29 Birth of Transcontinental
Telephone
The transcontinentaltelephone service in the U.S became operational
with the 1st test conversation between New York and San Francisco.
Transcript “hello,man, hello you sound good,I am not like that,what
do you mean, no homo”
Aug 10 Nomination of the first
Federal Reserve Board
Chairman
Charles Sumner Hamlin was appointed as the 1st Chairman of FED.
Under the Federal Reserve Act also calledGlass -Owens Act, FED got a 20 years
charter anda leader. Its majoramendment adoptedthe BankingAct of1935.
reorganizedthe Federal Reserve system, andmade it independent (USTreasury
secretary andComptrollerof currencywere removedfrom theboard; it movedfrom
the USTreasury building,…). The President appoints the seven members of the Board
of Governors; they must thenbe confirmedby theSenateserve 14-year terms. The
chair of the Boardof Governors of the FED is the headof thesystem whichis the
central bankingsystemof the US. The nomineeforthis position is chosen by the US
President; hemust be confirmedby the U.Ssenateandserve a 4-year term. He reports
twice a year to the Congress andmeet with thesittingU.STreasurySecretarya least
once a week.
Sept 26 Federal Trade Commission
Act
Ch311,38stat717
Oct 15 Clayton Antitrust Act Ch323,38stat
Nov 16 Central Bank Door Opening The Federal Reserve Banks opened its doors.
Dec 17 Harrison Narcotics Tax Act Ch 1,38 stat.785 The Harrison Narcotics Act was passed requiring the opium
producers to pay taxes.
1914 New B School MIT Sloan School of Management was founded in MIT.
1915
May 1 New Economy Research
Publication Was Born
After presenting its 1st annual report to Congress on Jan 15, 1915,
Federal Reserve Board published its 1st publication called Federal
Reserve Bulletin.
1916
July 17 Federal Farm Loan Act Ch245,39stat360
Aug 10 Nomination of the new Chair
of FED
William P.G. Harding, (son of former U.S President) did start
working as the head of the Federal Reserve System.
Aug 18 Presidential Veto H.R 16460 A bill making appropriations for the support of the Army for the
fiscal year ending June 30, 1917.
Sept 1 Keating-Owen Child Labor
Act
Ch432,39stat721
Sept 7 Workingmen’s
Compensation Act
Ch458,39stat756
Oct 3 War Revenue Act Congress enacted the War Revenue Act, increasing corporate and

personal income taxes and establishing excise profits and luxury
taxes.
Dec 29 Stock Raising Homestead
Act
1917
April 24 Liberty Bond Acts Authorized the Treasury to pay debts and borrow on US credit to
specified amount (“debt ceiling”). The first liberty loan Act
authorized the issuance of $5 billion worth of bonds at 3.5% interest.
May 18 Selective Service Act
June 15 New War Monetary Rule Ch29,40stat182 Emergency Shipping Fund Act
Oct 6 Trading with Enemy Act Sess1ch106,40stat411 International Emergency Economic Powers Act (Trading with Enemy
Act). It gave the President the ability to regulate trade during times of
war.
Oct 6 Pocket Veto H.J Res 116 A bill to provide for the employment of Garabed, claiming to make
possible the utilization of free energy.
Forbes was first published (Sept 15)
Sess1, ch51,40stat272 Obstruction of interstate Commerce Act (Aug 10)
Sess1ch61,40stat296 Aircraft Board Act (Oct 1)
1918
April 5 War Finance Corporation
Act
Sess2, ch45,40stat506
April 5 Pittman Silver Coinage Act The Pittman Silver Coinage Act was approved.
July 11 Presidential Veto S.J res. 159 A bill to extend the time the President may relinquish control of any
railroad or systemof transportation.
Oct 16 Corrupt Practices Act Sess2ch187,40stat1013
Nov 7 National Bank Consolidation
Act
Sess2, ch209, 40 stat.
1043
Dec 16 Nomination of new Secretary
of Treasury Department
Carter Glass was appointed as the Secretary of the US Treasury
Department.
1919
Mar 3 Fifth Liberty Bond Act Sess3ch100,40stat1309
Mar 4 Wheat Price Guarantee Act Sess2ch125,40stat1348
Oct 28 Veto Overridden Publ L. 66-66 A bill to prohibit intoxicating beverages,and to regulate the
manufacture, production, use and sale of high-proof spirits for other
than beverage purposes.
1919 New School for
Entrepreneurship
Babson College was the first entrepreneurship business school.
1920
Jan 16 Constitutional amendment 18th amendment was enacted into law and went into effect creating
the prohibition of the production, sale and transport of alcoholic
beverages. The ‘wets’ entered the closets against their beliefs; Good
medicines prescribed by the Bible, 1 Timothy 5:23, Paul told
Timothy “Stop drinking only water and use a little wine because of
your stomach and your frequent illness” For celebration, dancing,
party with friends,… The Bible replaces water with wine to make us
loud,.. Psalm John 2:3-11 “He makes grass to grow or the cattle,and
plants for man to cultivate-bringing forth food from the earth; wine,
that gladdens the heart of man, oil to make his face shine, and bread
that sustains his heart.”
Feb 2 Nomination of new Secretary
of Treasury Department
David Houston was appointed as the Secretary of the U.S Treasury
Department.
Feb 28 Mineral Leasing Act ch85,41stat437
May 13 House Sustained Veto H.R 12610 A bill making appropriations for the legislative, executive, and
judicial expenses of the Government for the fiscal year ending June
30, 1921.
June 4 House Sustained Veto H.R 9783 A bill to provide a national budget systemand an independent audit
of Government accounts.

1920 AnotherB School Kelley School of Business was founded as Indiana University
Bloomington’s School of Commerce and Finance.
1921
Mar 4 Nomination of new Secretary
of Treasury
Andrew W Mellon was appointed as the Secretary of the US Treasury
Department.
June 10 Budget and Accounting Act Public L 67-13 Established executive budget system, requiring the President to send
a comprehensive budget to congress. It also established Bureau of
the Budget, and General Accounting Office.
Sess1ch8,42stat5 Emergency Quota Act (May 19)
Sess1ch14,42stat9 Emergency Tariff Act (May 27)
Sess1ch86,42stat187 Future Trading Act (Aug 21)
1922
Feb 9 US debts The World War Foreign Debt Commission found that U.S owed
$11.5 billion repayable in 62-year term. The loans were never fully
repaid.
Sept 14 Creation of a Unit White House Police force known as US Secret Service Uniformed
Division was formed.
Sept 21 Fordney-McCumber Tariff
Act
Sess2ch356,42stat858
Sept 21 Grain Futures Act Sess2,ch369,42stat998
1922 First PhD Title in business First doctoral program in business was offered at the University of
Chicago Booth School of Business.
1923
Jan 3 Presidential Veto S 3275 A bill granting pensions for service in the Civil War, the War with
Mexico, and the War of 1812.
May 01 Nomination of the new Chair
of the FED
Daniel R Crissinger did start heading the Federal Reserve System.
Sept 22 US Coal Commission Act
1924
Jan 1 Company Change of Name Computing Tabulating to change name as International Business
Machines (IBM).
April 26 Seed and Feed Loan Act
1925
Jan 31 Special Duties Act
Feb 2 Airmail Act
Feb 12 Federal Arbitration Act
Feb 16 Home Port Act
Feb 28 Federal Corrupt Practices
Act (Gerry Act)
Nov 14 Debt Funding Agreement Debt funding agreement between Italy and US was signed.
1926
May 20 Railway Labor Act Ch347,44stat577
1927
Feb 25 McFadden Act McFadden Act prohibiting interstate branch banking but allowing
national banks to open branches in their HQ cities was signed into
law.
Feb 25 Presidential Veto S. 4808 A bill to establish a Federal Farm Board to aid in the orderly
marketing and in the control and disposition of the surplus of
agricultural commodities.
Oct 4 Nomination of the Chair of
the FED System
Roy A Young became the leader of the Federal Reserve System.
1929
July 10 New Currency The first modern size currency notes were issued,bearing the series
date 1928.
Oct 24 Financial Crisis Historic Stock market panic occurred.
Dec 11 Wall Street Crash Black Tuesday occurred, a massive stockmarket crash that signaled
the beginning of the Great Depression.

1930
April 2 New Census to Analyze
Unemployment During
Depression
Enumerators were prohibited to use ‘mulatto’ classification. A person
with both White and Black or Black and American Indian lineage
was classified as Black. They were also asking questions about
unemployment, including reason for being out of job during
depression and income.
April 21 House Sustained Veto H.R 2029 A bill to authorize the coinage of silver 50-cent pieces in
commemoration of the 75th anniversary of the Gadsden Purchase.
June 14 Drug Control Rule Bureau of Narcotics to administer laws relating to narcotics and
marijuana (exempt organic weed and ‘rock’?!!).
Sept 16 Nomination of the Chair of
the FED System
Eugene Meyer became a public advocate of the economy as the
leader of the Federal Reserve System.
Dec 11 Closure of the Big Bank The largest bank failure in the nation’s history took place when the
Bank of the US closed its doors in New York.
1930 Uniform Sales of Securities
Act
Uniform Sales of Securities Act was proposed on October 14, 1929
and adopted the next year by just a handful of jurisdictions.
1931
Feb 25 Pocket Presidential Veto S. 3060 A bill to provide for the establishment of a national employment
systemand for cooperation with the states in the promotion of such
system.
Feb 26 Veto Overridden H.R 17054 A bill to increase the loan basis of adjusted service certificates.
1932
Jan 22 Reconstruction Finance Corp Sess1ch8,47stat5 Reconstruction Finance Corporation Act was enacted.
Feb 13 Nomination of new Secretary Ogden L Mills was appointed as the Secretary of the US Treasury
Department.
Feb 27 Glass Steagall Act Glass Steagall Act was passed expanding the Federal Reserve Board
powers.
Mar 4 Wall Street Crash
Investigation
US Senate started investigating Wall Street Pecora (chief of counsel,
Ferdinand Pecora) about the Wall Street crash.
July 1 Presidential Veto S 3847 A bill to amend the act approved March 3, 1931, relating to the rate
of wages for laborers and mechanics employed by contractors and
subcontractors on public buildings.
July 4 Federal Home Loan Bank
Act
Sess1ch522,47stat725
July 11 Presidential Veto H.R 12445 A bill to relieve destitution,to broaden the lending power of the
Reconstruction Finance Corporation and to create employment by
authorizing and expediting a public works program and providing a
method of financing such program.
1933
Feb 6 Disclosure Rule NYSE started requiring audited financial statement.
Feb 16 Constitutional Amendment The senate voted to repeal the 18th Amendment of the Constitution
ending prohibition of alcohol. Alcoholics were out again after Black
market help.
Mar 3 Pocket Presidential Veto H.R 7716 Bill to amend the Radio Act of 1927, as approved Feb 23, 1927 and
presented to the President on March 1, 1933.
Mar 5 Nomination of new Secretary William H Woodin was appointed as the Secretary of the US
Mar 6 Bank Holiday Four-day national Bank holiday preventing anyone from exporting or
hoarding gold certificates.
Mar 9 Emergency Bank Act Emergency Bank Act was signed into law to allow the government to
inspect banks before to allow them to reopen.
April 5 Executive Order 6102 An Executive Order was signed to make it illegal to hoard gold coin,
gold bullion or gold certificates.
May 3 First Lady of the Mind
nomination
First Lady of the Mint was Nellie Tayloe Ross. She became the 1st
woman to lead the U.S Mint.
May 18 Creation of Tennessee
Valley Authority (TVA)
Sess1ch 32,48 stat.58 Congress created independent public corporation.
May 19 Nomination of the chair of AnotherEugene, Eugene Robert Black start working as the leader of

the FED system the Federal Reserve System.
May 27 SA 1933 Federal Securities law was drafted with the Securities Act of 1933.
June 5 Gold Standard The U.S abandoned the gold standard.
June 12 Global Monetary Conference World Monetary and Economic conference took place for the 1st time
in London.
June 15 Pocket Presidential Veto H.R 3344 A bill to amend section 14, subdivision 3, of the Federal farm Loan
Act.
June 16 Creation of FDIC FDIC was created by the Banking Act of 1933.
Dec 5 21st Amendment was Ratified After 13 years of black market and closet drinking, alcohol was once
again legal. The 1st party was inside capitol hill office. Everyone was
too drunk to find out where the alcohol was coming from just minutes
after the ratification. The Bible forbids drunkenness but it is hard to
be a drinker who never get drunk, Ephesians 5:6 “ Do not get drunk
on wine, which leads to debauchery. Instead, be filled with the
Spirit.”
1934
Jan 1 Nomination of new Secretary
of the Treasury Department
Henry Morgenthau,Jr was appointed as the Secretary of the U.S
Jan 17 Illegal Possession ofGold It became illegal for private citizens to own gold certificates.
Jan 30 Gold Reserve Act Gold Reserve Act withdrew gold coins from circulation and created
an Exchange Stabilization Fund.
Feb 2 Creation of Export-Import
Bank
Export-Import Bank was established to encourage commerce between
U.S and foreign nations.
June 6 Creation of SEC Agency SEC was created and building erected months later with the
Securities Exchange Act of 1934.
June 7 Corporate Bankruptcy Act Corporate Bankruptcy Act was passed to allow a corporation facing
bankruptcy to recognize or distribute residual assets.
June 16 Pocket Presidential Veto HJ Res. 106 A bill to authorize loans to fruit growers for rehabilitation of orchards
during the year 1934.
June 18 Pocket Presidential Veto H.R 1766 A bill to provide medical service after the retirement on annuity to
former employees of U.S disabled by injuries sustained in the
performance of their duties.
June 18 Presidential Veto HJ Res 322 A bill to provide for the disposalof smuggled merchandises.
June 28 Federal Home Association The Federal Home Association was established to insure loans made
by banks in building homes.
Aug 5 SEC Disclosure Deadline SEC dealing with transactions became effective 60 days later.
Nov 15 Nomination of the chair of
the FED system
Marriner S Eccles was at work as the new leader of the Federal
Reserve System.
Dec 1934 New disclosure form SEC Form 10 (primary form) was adopted.
1935
May 23 Senate Sustained Veto H. R 3896 A bill to provide for the immediate payment to veterans of the face
value of their adjusted service certification was vetoed on May 22,
1935 and the senate sustained the votes the following day.
June 13 New Technology for
Hollywood
The opening of technicolor picture nicknamed Becky Sharp, made by
pioneer films at radio city music hall and produced by John Hay
Whitney was tried for the first time. After years of unsuccessful
trials to color movies, this one was a success. It was the first film
featured entirely in three strip technicolor. It was a lot of technicolor
insert movie before that. First color in USA, 1916 Joan the woman.
The industry increased its global competitiveness.
June 14 Presidential Veto S. 279 A bill to extend the time for the refunding of certain taxes
erroneously collected from certain building and loan associations.
Aug 14 Establishment Social
Security Program
P.L. 74-271 The Social Security Act was signed into law to guarantee pensions to
those retiring at 65 or before or later with contribution.
Aug 23 Federal Reserve Board
Change and Independence
The Secretary of the Treasury and the Comptroller of the Currency
were removed from the independent Federal Reserve Board
Aug 26 Pocket veto H.R 8423 A bill granting increase of pension to certain widows of soldiers and
sailor of the Civil War.

Aug 31 Neutrality Act The neutrality Act was signed into law preventing the US government
from entering into activities that could lead the Country into foreign
war.
1936
June 18 Pocket Presidential S. 3257 A bill to amend the World War adjusted compensation Act.
1936 Establishment of AICPA Accounting Professional joined the London Association to become
the AICPA. (1933)
1936 Adoption of GAAP American Institute of Accountants Publication of Examinations of
financial statements did introduce GAAP.
1937
Jan 6 SEC Accounting Series SEC accounting series released publication started.
July 14 Marijuana Tax Act (7/14) Tax was imposed on weed including organic, chew, smoke, meat
ball,… Legalize sings lonely Island, who will need expensive weed
(international) when crack (poor nationalist) will be legal.
Aug 21 Presidential Veto S. 2909 A bill to establish the Police Court for the DC.
Report of the President’s
Committee on
Administrative Management
(Brownlow Committee).
Expressed President’s managerial role in executive branch and need
for powers and staff. 1939 Reorganization Plan No. I (Executive
Order 8284). Transferred Bureau of the Budget with expanded role to
new Executive Office of the President.
1938
Mar 25 Creation of Research
Divisions
The Division of Monetary Research and Division of Tax Research
(now office of tax Analysis) were established within the US Treasury
Department.
May 23 Federal Tax for State
Employees
In Helvering v. Gerhardt, the Supreme Court held that state
employees were subject to federal income tax like anyone else.
June 16 Pocket Veto S 3774 A bill to authorize cooperation between the US and the state of NY.
Oct 31 NYSE Board Changes NYSE Governance was reorganized.
Creation of Fannie Mae as
Mortgage Intermediary
Ch676,52 stat1060 Fair Labor Standards Act (6/25)
1939
June 5 Presidential Veto HR 2378 A bill to prohibit exportation of tobacco seeds and plants,except for
experimental purposes.
Aug 3 Presidential Veto HR 5137 A bill to prohibit purchase beer on credit by retailers in the DC.
Aug 4 Pocket Veto S 839 Bill to amend the Retirement Act of April 23, 1904.
Aug 5 Pocket Veto HR 5405 Bill to authorize the installation of parking meters on the streets of
the DC.
1940
Aug 22 Establishment of ICA Investment Company Act was enacted and amended on 1/3/2012.
Aug 22 Establishment of IAA Investment Advisers Act was enacted and amended on 1/3/2012.
Oct 5 Excess Profit Act Excess Profit Tax Act of 1940 was passed with provision creating
heavily taxed corporations during wartime.
Dec 18 House Sustained Veto HR 6324 A bill to provide for more expeditious settlement of disputes with the
US was vetoed and sustained the same day.
1941
Mar 3 Establishment of War
Finance Division
Treasury Order 39 established the War Finance Division, which was
transformed into the Savings Bonds.
Mar 11 Lend Lease Act P.L. 77-11
June 24 Presidential Veto HR 3782 A bill to establish an office of budget and reports in the Navy
Department.
July 31 Presidential Veto S 1200 A bill to authorize additional appropriations for further development
of cooperative agricultural extension work.
Nov 18 US Purchasing of Silver The U.S agreed to purchase silver from Mexico to help stabilize the
peso.
Dec 8 The War speeded U.S
Production
US did recognize a huge increase in demand for unlimited quantities
of ships, bombs and bombers, trucks, oil and gasoline. Industrial

developments were influenced by the armament program with
industries directly proving finished arms. 3 million workers joined
the work force yearly to help to meet this armament demands. By
1943, the armament economy did score the lowest unemployment
rate ever 1.9%.
1942
May 1942 Extended Prohibition SEC rule 10b-2 extended prohibition of fraud to the purchase of
securities.
1943
April 2 Presidential Veto S 660 A bill to prevent certain deductions in determining parity or
comparable prices of agricultural commodities
July 2 House Sustained Veto HR 2869 A bill to continue the Commodity Credit Corporation as an agency of
the US.
July 12 Diversity on the Trading
Floor
The trading floor opened to women with tampon and condom(virile
wealthy men) rest rooms.
1944
June 27 Veterans Preference Act 78-359
July 1 Bretton Wood Conference Delegates from 45 Allied nations gathered at the US Monetary and
Fiscal Conference called Bretton Woods conference in New
Hampshire. The IMF and IBRD were created. The IBRD is now one
of the 5 divisions that make up the World Bank Group.
1945
July 23 Nomination of new Secretary
of Treasury
Fred M Vinson was appointed as the Secretary of the US Treasury
Department.
July 31 A specialized Bank also
called ‘Boeing’ Bank did
open its doors
Export-Import Bank Act did inaugured a bank to improve U.S
exports
Dec 3 Presidential Veto H.R 1512 A bill to amend section 9 of the Pay Readjustment Act of 1942. (P.L
77-607)
Dec 6 Government Corporation
Control Act.
First attempt to regularize and control government corporations’
financial activities.
Dec 8 Closing Victory Loan Drive The Victory Loan Drive that started to fund the World War II, ended.
Other economy & finance
legislative summaries
P.L. 79-173
1946
Feb 20 Employment Act of 1946 Public Law 79-304,
79th Congress, chap 33
Established Council of Economic Advisors and Economic Report of
the President with the 1946 Administrative Procedure Act.
Standardized administrative practices among agencies. As the
Employment Act requires, this report requires the president to:
 Assess ofprogress toward US economic goal -level of
employment, production and purchasing power
 Review the current and foreseeable trends in the US economy in
relation to its potential and
 Set forth the president policy and program for achieving US
national economy potential
In compliance to this Act, the first Economic Report of the President
to congress was signed on January 8, 1947 by Harry Truman.
June 25 Nomination of new Secretary
of the Treasury
John W Snyder was appointed as the Secretary of the Treasury
Department.
June 29 House Sustained Veto H.R 6042 A bill to amend the Emergency Price Control Act of 1942 and the
Stabilization Act of 1942.
Aug 2 Legislative Reorganization
Act
Established legislative budget (discarded in 1949).
1946 Pocket Veto A bill to adjust the rate of dividends paid by the Federal Savings and
loan Insurance Corporation.
Dec 22 Birth of Charg it Card Charg- it card was issued by Flatbush National Bank (1951 as 1st in
class of bank card) with the help of Brooklyn entrepreneur John
Biggins who started it. (1946)

P.L. 79-486 Hobbs Anti-Racketeering Act (July 3)
Federal Tort Claims Act (Aug 2)
Federal Regulation of Lobbying Act (Aug 2)
Foreign Service Act (Aug 13)
1947
Jun 20 Veto Overridden H.R 3020 Labor-Management Relations Act of 1947
July 15 Creation of the Office of
International Finance
The Office of International Finance was created within the US
Treasury department.
1948
Jan 30 New Currency in Circulation The Roosevelt Dime was introduced on the birthday of late President.
April 3 Foreign Assistance Act P.L. 80-472
April 15 Nomination of the New
Chair of the FED
Thomas B McCabe did start working as the new leader of the Federal
Reserve System.
June 10 Veto Overridden S. 110 A bill to amend the Interstate Commerce Act with respect to certain
agreements between carriers.
June 18 Hear My Song: new Music
Device
WSJ June 18, 1948 Magnavoxintroduced a new device probably from Columbia Records
with ability to provide up to half hour of continuous music. Its size
does not matter. It is just 12-inch phonograph record to keep the
price low.
June 28 Commodity Credit Corp. P.L. 80-806
Nov 9 Wage and Salary Controls Wage and salary controls that were instituted during World War II
were discontinued by Executive Order 0801.
1949
Jan 1 Creation of GATT GATT was created
June 12 Concluding Report of the
Commissions on
Organization of the
Executive Branch of the
Government (first Hoover
Commission-Lodge Brown
Act of 1947).
Public L. 81-109 Emphasized presidential role in executive management and
“management movement” made recommendations for reorganization
of the executive branch,and called for performance budgeting.
Jul 11 Presidential Veto H.R 834 A bill to amend the contract Settlement Act of 1944
1950
April 1 Federal Census Day For this census,Dept of Commerce developed a systemcalled film
Optical Sensing Device for input to Computers (FOSDOC). It took
this microfilm system7 months of tabulation in order to count the
census of150 Million plus of population.
Sept 6 Omnibus Appropriations Act 81-759 All regular spending in a single appropriation bill for the first time
(but return to separate bills in 1951), since then, it has been closed to
23 Omnibus Acts.
Sept 12 Budget and Accounting
Procedures Act
Ch.946,6stat.832 Aimed at control and accountability in executive agencies’ funds,
established requirements for budgeting,accounting, financial
reporting, and auditing, and mandated performance budgeting.
Ch.1123,64stat.1125 Performance Rating Act (9/30)
1951
April 5 Nomination of the new chair
of the FED
William M Martin was at work as the new head of the Federal
Reserve System
Nov 10 Birth of Direct Distance
Dialing
DDD is a telecommunication without operator; it was first test
between the NJ (Englewood) MayorLeslie Denning and California
(Alameda) Mayor Frank Osborne
1953
Jan 21 Nomination of a new
George M Humphrey was appointed as the Secretary of the Treasury
Mar 1 Libraries Consolidation 3 libraries that were maintained by the U.S Treasury merged and
placed under the supervision of Office of Administrative Services
1954
April 15 Filing Tax Deadline Change The deadline for filing income tax was changed from March 15 to

April 1, starting 1955
May 29 Bilderberger Meeting The First meeting of the Bilderberger at Hotel de Bilderberger in
Netherlands.
Aug12 Federal National Mortgage
Association Charter Act
Aug 16 Internal Revenue Code (incl.
Federal Unemployment Tax
Act)
P.L. 83-591
1955
July 11 Motto Featured in all
Currencies
An Act of Congress required ‘in God we Trust’ to be placed on all
currency.
Aug 11 Second Hoover Commission
(1953-55)
Recommended limiting government activities that compete with
private sector and other recommendations on budgetary and financial
practices.
1956
Feb 3 A High Record GM 1955 financial disclosure did recognize a top profit of $ 1 Billion
for the 1st time on $12.4 Billion sales.
May 9 Bank Holding Act The BHA was passed limiting what other businesses and securities
bank holding companies could purchase.
July 20 Formation of IFC IFC was founded as the 2nd division of the World Bank Group.
July 30 Adoption of National Motto ‘In God We Trust’ became our national motto.
1956 Pocket Veto S. 3338 Bill to bar electric power rate increases by the Southwestern Power
Administration until June 1, 1957
1956 Pocket Veto H.R 7643 Bill to amend the IRS code of 1939 and 1954 with respect to foreign
tax credit for U.K income tax paid royalties.
1957
July 1 Installation of the First
Computer
The first computer, very big then, was installed at the US Treasury
Department, containing 6,500 radio tubes,was turned on for good at
WV.
July 29 Nomination of a new
Robert Anderson was appointed as the Secretary of the US Treasury
Department.
Oct 1 New Currency in Circulation One-dollar silver certificates bearing the national motto were released
into circulation. That same day, the processing of the US Savings
Bonds was the first done with a computer.
1958
Jan 01 Foreign Free Trade Europe free trade community became a reality at midnight on New
Year. The aim was to eliminate tariffs and restraints among
European countries including Germany, France, Italy, Holland,
Belgium and Luxembourg.
Mar 21 Bureau of the Public Debt The Bureau of the Public Debt first computer was installed at its
Parkersburg, West Virginia facility
July 15 Driving into US Marketplace Nissan MotorCo and Toyota Motor Co were ready to sell their first
cars in US. In 1957, Toyota did build its headquarterin Hollywood,
LA. Then Nissan Co followed its competitors in California, first.
Oct 1 New Credit Card in
Circulation
First credit card was issued by AMEX while Bank of America
launched first bank Americard (later called visa credit card in 1971).
1959
Jan 3 Alaska Admission Alaska became the 49th state of the Union.
Feb 12 New Currency in Circulation The first Lincoln Cents bearing the image of Abraham Lincoln were
introduced.
April 8 The Founding of IDB The Charter of IDB was signed
Aug 21 Hawaii Admission Like Hillary, Hawaii became the last state of the Union.
Sept 03 Senate Sustained Veto Housing Act of 1959.
1960
Feb 01 Founding of IDA IDA was founded as the 3rd division of the World bank Group.
May 14 Presidential Veto H.R 7947 A bill relating to the income tax treatment of nonrefundable capital
contribution to Federal National Mortgage Association.
Jun 03 Presidential Veto HR 6779 Bill relating to unlimited tax deductions for certain contributions to

charity.
June 03 Presidential Veto HR 6482 A bill relating to unemployment tax credits of successoremployers.
1960 Creation of Bankographs Bankographs was installed as predecessorof ATM by national City
bank of NY (now Citibank) where customers could pay utility bills
without teller.
1960 Pocket Veto S 1508 A bill providing for economic regulation of the Alaska railroad.
1960 Pocket Veto H.R 11545 A bill authorizing the payment of subsidies to producers of lead and
zinc.
1961
Jan 21 Nomination of New
C Douglas Dillon was appointed as the Secretary of the US
Feb 1961 First CD 1st National Bank of NY introduced the 1st negotiable
certificate of deposit.
Summer Secretary Bob McNamara
introduced PPBS
Planning Programming Budgeting System (PPBS) adopted by then
Department of Defense. In the summer of 1961, the subcommittee
held hearing on budgetary process which the new Secretary Bob
McNamara gave explanations about the new planning budgetary
process at the DoD. In October 1961, the subcommittee staff reported
it. On August 25, 1965, Pdt Johnson initiated PPBS through
executive branch similar to the DoD program.
Aug 8 Consolidated Farm & Rural
Development Act
P.L. 87-128
1961 Creation of the US
Department of Agriculture
Economic Research Unit
USDA ‘s Economic Research Service (ERS) was created. It was the
survivor of USDA’s Bureau of Agricultural Economics (BAE)
established in 1922. It was expanding the role of economics in
understanding and seeing the U.S food and agriculture in the eye of
Federal Government. Its research focuses on the farm and rural
economy including price and income issues faced by farmers.
P.L. 87-31 Dependent Children Act (May 8)
P.L.87-132 Duty Free Allowance Reduction (Aug 10)
P.L. 87-305 Small Business Act Amendment (Sept 26)
1962
Jan 17 Executive Order 10988 Unionization of federal employees encouraged.
P.L. 87-784 Trade Expansion Act (Oct 11)
P.L. 87-527 Foreign Bank Deposit (Oct 15)
P.L. 87-846 War Claims General Aniline (Oct 22)
P.L. 87-849 Bribery Act (Oct 23)
1963
May 8 Attorney Fees-Bankruptcy P.L. 88-17
June 4 Silver Repurchase Repeal
Act
Public law 88-36 All productions of silver certificates were discounted at their
replacement value.
June 10 Equal Pay Act P.L. 88-38
July 1 US Treasury Flag The US Treasury Department official flag was displayed.
July 8 Cuban Asset Control
Regulations
The Cuban Assets Control Regulations were issued.
Aug 30 New Tool to Expand Music
Business
In 1962, Philips invented the compact cassette tape for audio storage.
On this day, it introduced it at the Berlin radio show. It took it almost
a year (November 1964) to trademark it in USA.
Nov 3 New Currency in Circulation Production of $1 federal reserve notes bearing the national motto and
Pdt Washington portrait were placed into circulation.
Nov 22 Death in the White House Pdt Kennedy was assassinated in Dallas a few months after making
his brother (one too many?!) US Senator in addition to the Attorney
General against the whole Democratic establishment. Having a
family in the executive (Jack), another in the judicial (Bob), another
in the legislative (Ted) did not help?!! (is DNC the US Hamas
party?!)
Dec 13 Pocket Veto HR 2513 A bill to amend the Tariff Act of 1930 was pocket vetoed and
presented to the president on Dec 30, 1963

Dec 30 Uniform Commercial Code Public Law 88-243
P.L. 88-16 Deposit Funds of bankrupts’ estates (May 8)
Public law 88-48 Dependent Children Foster care (June 29)
P.L. 88-103 Lumber-Tariff (Aug 22)
1964
Jan 23 New Currency in Circulation Production of $1 federal reserve notes bearing the national motto
were placed into circulation.
Feb 11 New Posthumous Currency
in Circulation
Very quick as a klinex, first Kennedy half-dollar coins were
released into circulation. But like Kennedy, it does not circulate
despite all the remedies used to keep it moving. Pdt Johnson did not
capitalize on the death of fellow democrat and star president. For
centuries now, there are 3 reasons to issue new currencies: 1-
counterfeiting reason (does it work? Do we have a return of fake
currencies in circulation or could be?), 2-cost reason (mostly coins) to
lower costs they can lower percentage of copper, zinc and silver
composite or discontinued and melt gold for silver..., 3-to honoram
era, group or past leaders (Pdt Kennedy did attempt to demote the
Federal Reserve Board but he died as a star)
Aug 20 Economic Opportunity Act P.L. 88-452
Aug 31 Food Stamp Act P.L. 88-525
Sept 10 African Development bank
was created
Oct 7 New Currency in Circulation Production of $20 federal reserve notes bearing the national motto
were released and circulated.
1965
April 1 Nomination of News
Henry H Fowler was appointed as the Secretary of the US Treasury
Department.
June 5 Presidential Veto S 327 A bill to provide assistance to the States of California, Oregon,
Washington,Nevada and Idaho for the reconstruction of areas
damaged by floods and high waters.
July 23 Discontinued Operation Coinage Act of 1965 discontinued the production of silver coins.
July 30 Amendment to Social
Security Act Created
Medicare
It did create both Medicaid and Medicare. Did it help to improve the
health of the old and poor? PPM, HMO and other resulting these
programs have yet to give us good health at low costs.
Oct 12 Bureau of the Budget’s
Bulletin no. 66-3
Provided for PPBS in executive departments and agencies (until
abandoned in 1971).
Nov 1 New Currency in Circulation The Clad quarters were released into circulation.
P.L. 89-92 Federal Cigarette Labeling and Advertising Act (7/27), brown
tobacco,pipe and cigar addicts may live longer.
P.L 89-117 Housing & Urban Development Act (Aug 10)
P.L 89-136 Public Works & Economic Dvpt Act (Aug 26)
1966
Mar 3 OMB Circular A-76 Implemented government policy to use private suppliers
competitiveness on a cost comparison basis; expanded in 1979. This
policy was first officially stated by the Bureau of Budget (BoB)
issued on January 15, 1955.
Mar 9 First black on Fed Board Andrew Brimmer became the first Black to seat on Federal Reserve
Board.
Aug 18 New currency in Circulation Production of $100 federal reserve notes bearing the portrait of Pdt
Ben Franklin and the national motto were placed into circulation.
Aug 24 New Currency in Circulation Production of $50 federal reserve notes bearing the portrait of Pdt
Grant and national motto were placed into circulation.
MasterCard as interbank association card and then from 1979 as a
Mastercard was issued to customers (Dec 17)
The Asian Development Bank commenced operations (Dec 19)
1967
Oct 10 President’s Commission on
Budget Concepts.
Adoption of Unified budget including trust funds. This commission
did build the first concept for federal budget process.

1967 New Technology for good
consumer focus
The Toll free 1-800 number was create Roy Weber at AT&T helping
customers to all directly the company for free> it was a good
substitute to collect call but collect call did not die. Its operators kept
charging the receivers.
US Treasury Department began compiling data on the US Gov’t
foreign loans. (July 17)
The deficit was announced to be $25 billion. (1967)
1968
Jan 4 Currency Restoration Mint marks were restored to the US Coins.
Jan 29 New Seal New Seal of the Treasury Department was used for the first time.
June Annual Report of the U.S.
Treasury contained the first
estimates of tax expenditures
it was may be June 30
June 24 Discontinued Exchange
Operation
The exchange of silver certificates for silver bullion was
discontinued.
Dec 21 Nomination of New
Joseph W Barr was appointed as the Secretary of the US Treasury
Department.
1968 Global business; global
direct dialing plans was
started by phone experts of
68 nations
WSJ March 16, 1964 Group says 12 digits could dial most World telephones. American
Telephone & Telegraph Co did conduct the test benefiting AT&T.
1968 Videoconference Birth The first videoconference was first introduced as picturephone by
AT&T and packaged as a commercial solution of the World Business
Fair in New York.
P.L. 90-321 Consumer Credit Protection Act (5/29)
The Bureau of Alcohol, Tobacco and Firearms was given power to
enforce the new gun control act. (Oct 22)
1969
Jan 22 Nomination of new Secretary
of the Treasury
David Kennedy was appointed as the Secretary of the US Treasury
Department.
Jul 14 Discontinued Monetary
Operation
Currency notes in denominations larger than $100 were discontinued.
Aug 8 Presidential Executive Order
11478-Birth of the
Affirmative Action Rights
Pdt Johnson started this right with executive order 11478. But it did
apply only fto ederal agencies. Nixon executive order: section 1, “it
is the policy of the Government of the U.S to provide equal
opportunity in Federal employment for all persons, to prohibit
discrimination in employment because of race, color, religion,sex,
national origin,handicap or age and to promote the full realization
of equal employment opportunity through a continuing affirmative
program in each executive department and agency. This policy of
equal opportunity applies to and must be an integral part of every
aspect of personnel policy and practice in the employment,
development,advancement,and treatment of civilian employeesof
the Federal Government.”
Sept 1 First ATM Service Chemical Bank started offering the 1st ATM service to its customers.
1970
Jan 1 Presidential Veto H.R 17809 A bill to provide an equitable systemfor fixing and adjusting the
rates of pay for prevailing rate employees of the Government.
Feb 1 Nomination of the new Chair
of the FED
AnotherArthur, long gone back, Arthur F Burns was man at work as
the leader of the Federal Reserve System.
Oct 26 Legislative Reorganization
Act
Public L 91-510 Expanded role of General Accounting Office (program evaluation)
and provided for five-year budget projections.
Mar 12 Reorganization Plan No. 2 Reconstituted Bureau of the Budget as Office of Management and
Budget (OMB) and reemphasized management role effective July 1,
1970.
April 1 Federal Census Day Preaddressed census questionnaires forms were delivered in most
mail boxes by March 28, 1970. It was the beginning of mail-in forms
census preceding door to door enumerators. Anotherprecedent in

those forms were the questionnaire about Spanish or Hispanic origin
or descent.In that census,Hispanic population counted 9,072, 602 as
‘persons with Spanish origin’ among them 20 percent foreign born.
June 30 Closing Time for a Program The US Savings Stamp Program ended.
July 24 Creation of Freddie Mac Publ. L 91-351 It was through Emergency Home finance Act of 1970.
Dec 16 Senate Sustained Veto S.3867 A bill to assure opportunities for employment and training to
unemployed and underdeveloped persons to assist statesand local
communities in providing needed public services.
Dec 30 New Security Rule Security InvestorProtection Corporation (amended on 1/3/2012) was
enacted.
P.L. 91-508 Bank Secrecy Act (Oct 26)
1971
Jan 05 Founding of OPIC OPIC was created with its international micro-loan distribution for
help to the poorest countries.
Jan 21 Last Notes from the Treasury The last US notes were placed into circulation by the Treasury
Department.
Jan 29 Deficit News Bad news, $27 billion were recognized as new U.S deficit.
Feb 8 First Trading Day It was NASDAQ first trading day.
Feb 11 Nomination of New
John Connally was appointed as the Secretary of the U.S Treasury
Department.
Mar 31 New Currency with new
Ingredients
The first copper clad and silver clad Eisenhower dollars were
produced for the first time and put into circulation.
Jun 29 Senate Sustained Veto S. 575 A bill to authorize funds to carry out the purposes ofthe Appalachian
Development Act of 1965 was vetoed on June 29, 1971 and sustained
by the Senate on July 14, 1971.
Dec 1 Smithsonian Agreement Smithsonian Agreement ended the fixed exchange rates that had been
enforced since the Bretton Woods Conference. It also ended import
surcharges.
Dec 09 Sustained Senate Veto S 2007 A bill to provide for the continuation of programs authorized under
the Economic Opportunity Act of 1964 was vetoed on Dec 09 and the
Senate sustained the veto on Dec 10, 1971.
Dec 15 New Price for Gold The official price for gold was raised from $35 an ounce to $38.
Requirements for PPBS was formally voided.
1972
April 27 Drawing of Sterling The U.S Treasury Department announced a drawing of sterling with
the IMF
May 5 Notification to IMF The U.S notified the IMF of its intent to change the par value of the
dollar
June 12 Nomination of new Secretary
of the Treasury
George P Shultz was appointed as the Secretary of the U.S Treasury
Department.
June Standards for Audit of
Governmental Organizations,
Programs, Activities and
Functions.
General Accounting Office issued comprehensive statement of
standards for governmental audits.
June 30 Presidential Veto H.R 13918 A bill to provide for improved financing for the Corporation for
Public Broadcasting was vetoed and unchallenged.
July 1 Rescission and Impoundment Nixon administration made use of unprecedented,massive rescissions
and impoundments in domestic programs.
Sept 28 Comprehensive Set of Tax
Expenditure Estimates
Joint Committee on Taxation, the staff armed by the House Ways and
Means Committee, produced the first report providing a
comprehensive set of tax expenditure estimates.
Oct 20 State and Local Fiscal
Assistance Act
(P. L. 92-512) Established general revenue sharing and inaugurated “new
federalism.” Terminated in 1986.
Oct 27 Joint Study Committee on
Budget Control established
With significant modifications.
Nov 15 Wall Street Record WSJ Nov 15, 1972 The Dow tops 1000 and stayed there. It closed at 1003.16 up 6.09 for

the day.
P.L. 92-261 Equal Employment Opportunity Act (Mar 24)
P.L. 92-463 Federal Advisory Committee Act (Oct 6)
1973
April 05 House Sustained Veto H.R 3298 A bill to restore the rural water and sewer grant program under the
Consolidated Farm and Rural Development Act was vetoed and the
House did sustain this veto on April 10, 1973.
April 18 Introduction of CBIC Act report to emerge as 1974 budget Act
May 18 House Sustained Veto S. 518 A bill to abolish the office of Director and Deputy Director of OMB
was vetoed and the House did sustain the veto on May 23, 1973.
July 21 Creation of FASB FASB was created.
Sept 06 House Sustained Veto H.R 7935 A bill to amend the Fair Labor Standards Act of 1938 to increase the
minimum wage rates under the act, to expand the coverage of that
Act. The House sustained the vote on Sept 19, 1973.
Oct 17 Oil Embargo WSJ oct 3, 1973 Reduction of production of Arab oil did make living very expensive
in the U.S but Allah Akbar.
Nov 29 New Hobby law P.L. 93-167 Hobby Protection Act was signed into law. It was later amended by
the Collectible Coin Protection Act P.L 113-288.
Dec 28 Signing of CETA Comprehensive Employment and Training Act (CETA). Created
financial assistance to state and local governments for training and
employment.
Social Security Amendment- added COLA starting in 1974 (July 1)
First cell phone by Mary Cooper (1973)
1974
Jan 1 Eligibility of supplemental of
security income recipients
for benefits
P. L. 93-233 Automatic cost-of-living adjustments (COLA) added by amendment
to Social Security Act of 1972 (92-336). It was approved on Dec 31,
1973.
May 8 Nomination of a new
Secretary of the US Treasury
William E Simon was nominated as the Secretary of the US Treasury
Department.
July 12 Congressional Budget and
Impoundment Control Act
P. L. 93-344 Established congressionalbudget process and timetable. House and
Senate Budget Committees, Congressional Budget Office, and
procedures for reviewing recessions and deferrals.
Aug 14 Gold Purchase Legalized P.L. 93-373 US citizens and residents were permitted to buy gold coins and gold
bullions for the first time since 1933.
Oct 14 House Sustained Veto H.J Res 1131 A bill making further appropriations for the fiscal year was vetoed
and the House sustained the veto on October 17, 1974.
Dec 20 Pocket Presidential Veto A bill to amend section 15d of the Tennessee Valley Authority Act of
1933 was vetoed and presented to the president on December 12,
1974. The Presidential message was received on January 10, 1975.
P.L. 93-579 Privacy Act (Dec 16)
Congressional budget and Impoundment Control Act of 1974 was
born.
1975
Jan 3 Trade Act P.L. 93-618
Feb 3 New Deficit News Bad news, $51 billion were recognized as new deficit for U.S.
May 28 House Sustained Veto H.R 4481 The House sustained its veto on June 4, 1975.
July 21 The Gounding of MRSB MSRB was created.
Sept 9 Senate Sustained Veto s. 1849 A bill to extend the Emergency Petroleum Allocation Act was vetoed
and Senate sustained this veto on September 10, 1975.
Oct 13 New Currency in circulation First bicentennial dollars were released into circulation.
Nov 15-16 Creation of G 6 Forum G 7+1 was created as a G 6 forum with the first meeting taken placed
in France.
November Staff Accounting Bulletins Division of Corporation Finance, SEC, published its first Staff
Accounting Bulletins.
Dec 23 Metric Conversion Act P.L. 94-168
1975 Home Computer WSJ Feb 4, 1977 Ed Roberts introduced the Altair 8800 in 1975 he called the first
personal computer. In reality, Kenbak-1 was introduced for $750 in

1971. NY Times did use the term of personal computer for the first
time in 1962.
1976
Jan 2 Presidential Veto H.R 5900 A bill to protect economic rights of labor in the building and
construction industry was vetoed and unchallenged.
Jan 30 Senate Sustained Veto S.J Res 121 A bill to provide for quarterly adjustments in the support price for
milk was sustained on February 4, 1976.
April 13 New Currency in Circulation Two-dollar bill was released into circulation.
May 7 Presidential Veto S 2662 A bill to amend the Foreign Assistance Act of 1961 and the Foreign
Military Sales Act was vetoed and unchallenged.
Sept 8 Time Capsule Treasury Time Capsule will be opened in the year 2076
Oct 4 Tax Reform Act Tax Reform Act increased the standard deduction.
Oct 19 Copyright Act P.L 94-553
Dec 14 Book Entry Form T Bill It was the first issuance of T Bills in book entry form and they were
placed into market circulation desk.
1977
Jan 23 Nomination of the new
W Michael Blumenthal was nominated as the Secretary of the US
Mar 30 Diversity at the Top The German born Secretary did recommend the first woman as
undersecretary of the US Treasury Department and she was appointed
by the President.
April 19 Bulletin no 77-9 Office of Management and Budget’s bulletin no. 77-9. Zero-base
budgeting introduced into executive departments and agencies (and
officially terminated in 1981).
Sept 12 Diversity at the Top The German born Secretary did recommend anotherwoman and the
first African American who has her signature on currency, Azie
Taylor Morton, Treasurer position.
Dec 19 Creation of FCPA FCPA was enacted
1977 Citibank installed the first 24-hour ATMs (Automated Teller
Machine) at its branch in Queens,NY
P.L. 95-213 Unlawful Corporate Payments Act (Dec 19)
The IRS began a program of an expedited resolution of problems
taxpayers had with the IRS after filing returns (May 23)
1978
Feb 2 Armageddon News WSJ Feb 3, 1978 Scientist warned of Antarctic temperature rise caused by burning of
oil and gas.Almost a century later we are still here. Only God knows
why.
March 8 Nomination of the new Chair
of the FED
G William Miller was at work as the new leader of the Federal
Reserve System. The only Chair to serve both as a US Treasury
Secretary and Chairman of FED.
Oct 1 InspectorGeneral Act P.L. 95-452 Created independent units in major domestic agencies to conduct
audits and investigations to reduce fraud, waste, and abuse.
Oct 15 Pocket Presidential Veto A bill to provide for the losses incurred as a result of the ban on Tris
was pocket vetoed on Oct 15, 1978 and the president message was
received on November 15, 1978.
Oct 24 Presidential Pocket Veto H.R 11580 A bill to make lawful certain activities concerning certain foreign and
domestic legal lotteries was presented to the President on October 24,
1978 and his message was received by Congress on November 4,
1978.
Oct 25 Presidential Pocket Veto H.R 11445 A bill to amend the small business act and the small business
investment act was presented to the President on October 24, 1978
and his message was received by Congress on October 25, 1978.
Oct 27 Full Employment and
Balanced Growth Act
(Humphrey-Hawkins Act).
P.L. 95-523 Congress authorized the President to propose and initiate action with
respect to production,prices, and employment.
Oct 31 Pocket Presidential Veto H.R 9937 A bill to amend the One Bank Holding Company Act of 1970 was
presented to the President on October 31, 1978. His message was
received by Congress on November 11, 1978.

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