Saving, Investing and Spending: A Timeline of Major Changes
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1913: Federal income tax instituted
1924: First stock mutual fund, Massachusetts Investors Trust, is born
1994: First online stock trading account offered to small investors
1933: Federal Deposit Insurance Corp. created
1935: President Roosevelt signs Social Security Act
1958: First bank credit card (BankAmericard) issued. Initial market: Fresno
1972: First money market mutual fund is born: the Reserve Fund
1974: ERISA pension-protection act becomes law
1975: May Day: deregulation of brokerage commissions
1980: Government abolishes ceilings on bank interest rates
1981: First 401(k) retirement plan created
1985: COBRA benefits-protection act becomes law
1986: Massive Reagan tax reform bill slashes tax rates and eliminates most tax shelters
1994: First online stock trading account offered to small investors
The Rise of Mutual Fund Assets
(in trillions)
1999: $6.2
The Rise of 401(k) Assets
(in trillions)
1998: $1.4
Sources: Times research, Investment Company Institute
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