Saving, Investing and Spending: A Timeline of Major Changes

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