On July 1 in U S Political History
Part IV
Part IV
On July 1st in 1898 The US Congress passed legislation regarding bankruptcy. The Bankruptcy Act of 1898, also known as the "Nelson Act," was the first Act of Congress involving bankruptcy that gave companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had lasted at most a few years.
On July 1st in 1907 World's 1st air force was established as part of the US Army.
On July 1st in 1929 The US Immigration law of 1924 went into effect.
On July 1st in 1932 New York Gov. Franklin D. Roosevelt was nominated for president at the Democratic convention in Chicago.
On July 1st in 1939 The US "Bureau of Lighthouses" was transferred to the US Coast Guard, which then took charge of America’s more than 1,000 lighthouses.
On July 1st in 1944 Delegates from 44 countries began meeting at Bretton Woods, N.H., where they agreed to establish the International Monetary Fund and the World Bank. The US hosted an international conference at Bretton Woods, N.H., to deal with international monetary and financial problems. The talks resulted in the creation of the International Monetary Fund (IMF) and the World Bank in 1945. The agreement was a gold exchange standard and only the US was required to convert its currency into gold at a fixed rate, and only foreign central banks were allowed the privilege of redemption
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