-
Hoover is elected president
Hoover won the presidency but would ultimately be blamed for the depression. -
Black tuesday
share prices on the New York Stock Exchange completely collapsed, becoming a pivotal factor in the emergence of the Great Depression. -
Tariff Act
President Hoover signed the legislation against his own preference for international cooperation and in spite of opposition from economists and industrialists. Foreign trading partners retaliated with higher tariffs, and American trade was reduced by half, -
Ultramares Case
a US tort law case regarding negligent misstatement, decided by Cardozo, C.J. It contained the now famous line on "floodgates" that the law should not admit "to a liability in an indeterminate amount for an indeterminate time to an indeterminate class." -
FDR elected
President Herbert Hoover was defeated in a landslide by Democrat Franklin D. Roosevelt, the Governor of New York. -
Glass-Steagall Act
limited commercial bank securities activities and affiliations between commercial banks and securities firms, and established the Federal Deposit Insurance Corporation (FDIC) to insure bank deposits with funds from the banks. -
Dust Bowl
a period of severe dust storms that greatly damaged the ecology and agriculture of the American and Canadian prairies -
Public Utility Holding Company Act
also known as the Wheeler-Rayburn Act, was a law passed by the United States Congress giving the Securities and Exchange Commission authority to regulate, license and break up electric holding companies. -
Industrial Development Bonds
Mississippi was the first state to issue industrial development bonds, in an effort to use state financing power to build up private industry. -
SEC Accounting Series Release
The SEC Office of the Chief Accountant announced that it would issue periodic publications of opinions on accounting principles, towards the development of uniform standards and practice in major accounting questions. The first Accounting Series Release (ASR) was issued in April. ASRs were re-named Financial Reporting Releases (FRR) in 1982, and were later codified as Codification of Financial Reporting Policies (CFRP). -
Chandler Act
The Chandler Act revised the National Bankruptcy Act to permit the U.S. Securities and Exchange Commission to assist federal courts in cases involving corporate reorganizations. The SEC's role in corporate bankruptcies was later circumscribed by Congress in the Bankruptcy Reform Act of 1978. The U.S. Supreme Court sustained the constitutionality of the Chandler Act in 1940 in SEC v. United States Realty and Improvement Co.. -
NASD Created
Under the terms of the Maloney Act, the National Association of Securities Dealers registered on August 7 as a self-regulatory organization. By year end, over 2,600 broker-dealer firms joined the NASD.
