J.P. Morgan Jr., head of the most powerful banking house in America, testified before the Pecora Commission in hearings that riveted the nation. The New York Times headline on May 24, 1933 blared: “Morgan Paid No Income Tax for 1931 or 1932.” Morgan admitted under oath that he and his …
J.P. Morgan Jr.J.P. Morgan and CompanyFerdinand PecoraU.S. Senate Committee on Banking and CurrencyCalvin Coolidge+1 morefinancial-regulationinsider-tradingcorporate-accountabilitytax-evasionpolitical-corruption
Secretary of State Frank Kellogg and French Foreign Minister Aristide Briand sign the Kellogg-Briand Pact (officially the General Treaty for Renunciation of War as an Instrument of National Policy) in Paris, eventually ratified by 62 nations. The treaty solemnly renounces war as an instrument of …
Frank KelloggAristide BriandCalvin CoolidgeU.S. Senateforeign-policyinstitutional-captureinternational-lawimperialism
President Calvin Coolidge signs the McFadden Act, one of the most contested pieces of banking legislation in U.S. history, which recharters the twelve Federal Reserve District Banks into perpetuity but prohibits interstate branch banking for national banks. Named after Representative Louis Thomas …
Louis Thomas McFaddenCalvin CoolidgeU.S. CongressFederal Reservefinancial-deregulationbankingregulatory-capture
President Calvin Coolidge signs the Radio Act of 1927 (Public Law 632, 69th Congress), establishing the foundational principle that radio spectrum frequencies are publicly owned natural resources held in trust by the federal government for the American people. The legislation creates the Federal …
Calvin CoolidgeClarence DillWallace H. White Jr.Federal Radio CommissionU.S. Congressmedia-regulationpublic-airwavesfccbroadcastingpublic-interest-standard+1 more
President Calvin Coolidge signs the Revenue Act of 1926, the crowning achievement of Treasury Secretary Andrew Mellon’s multi-year campaign to restructure federal taxation in favor of the wealthy. The act slashes the top marginal income tax rate from 46 percent to 25 percent on incomes over …
Andrew MellonCalvin CoolidgeU.S. CongressRepublican Partytax-policywealth-concentrationinstitutional-capturemellon-plan
President Calvin Coolidge signs the Revenue Act of 1924, the second installment of Treasury Secretary Andrew Mellon’s systematic campaign to slash taxes on the wealthy. The act reduces the maximum income tax rate from 58 percent to 46 percent on incomes over $500,000 (raised from the previous …
Andrew MellonCalvin CoolidgeU.S. CongressRepublican Partytax-policywealth-concentrationinstitutional-capturemellon-plan
President Calvin Coolidge signs the Immigration Act of 1924 (Johnson-Reed Act), establishing the first permanent comprehensive restrictions on immigration in American history through a national origins quota system explicitly designed to preserve white racial dominance. The law reduces annual …
Calvin CoolidgeAlbert JohnsonDavid ReedMadison GrantHarry Laughlin+1 moreimmigration-policyracismeugenicsxenophobiainstitutional-capture+1 more
President Calvin Coolidge dismissed Attorney General Harry Daugherty after he refused to open Justice Department files to a congressional committee investigating charges of wrongdoing by Harding associates. Daugherty faced bitter public opposition when appointed attorney general and nearly faced …
Harry DaughertyCalvin CoolidgeWarren G. Hardingexecutive-corruptioninstitutional-captureaccountability-crisisobstruction