On May 1st in US Political History
Part III
On May 1st in 1971 Amtrak, which combined and streamlined the operations of 18 US intercity passenger railroads, went into service. The Southern Pacific Railroad turned over its money-losing passenger service and railroad cars to the government which formed Amtrak.
On May 1st in 1974 The US Federal Hourly Minimum Wage was set at $2.00 an hour.
On May 1st in 1975 The US brokerage industry, acting on a mandate by the SEC, deregulated commissions. Charles Schwab soon became one of the first to slash the price of equity trades.
On May 1st in 1978 Ernest Morial was inaugurated as the first black mayor of New Orleans.
On May 1st in 1979 The people of the Marshall Islands ratified their own constitution and the constitutional government came into being. In recognition of the evolving political status of the Marshall Islands, the US recognized the constitution of the Marshall Islands and the establishment of the Government of the Republic of the Marshall Islands.
On May 1st in 1985 US president Reagan ordered an embargo against Nicaragua.
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