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The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States President Richard Nixon on 15th August 1971 in response to increasing inflation.
August 2, 1971 163 11614 Establishing the National Business Council for Consumer Affairs August 5, 1971 164 11615: Providing for stabilization of prices, rents, wages, and salaries August 15, 1971 165 11616 Amending Executive Order No. 11491, relating to labor-management relations in the Federal service August 26, 1971 166 11617
Extended the Higher Education Act to June 30, 2008. Pub. L. 110–238 (text) 2008 (No short title) Extended the Higher Education Act to July 31, 2008. Pub. L. 110–256 (text) 2008 (No short title) Extended the Higher Education Act to August 15, 2008. Pub. L. 110–300 (text) 2008 Need-Based Educational Aid Act of 2008
By the summer of 1971, Nixon was under strong public pressure to act decisively to reverse the economic tide. On August 15, 1971, he ended the convertibility of the U.S. dollar into gold, which meant the demise of the Bretton Woods system, in place since World War II. As a result, the U.S. dollar fell in world markets.
August 15, 1970: Economic Stabilization Act of 1970, Title II of Pub. L. 91–379, 84 Stat. 799 September 22, 1970: District of Columbia Delegate Act , Pub. L. 91–405 October 15, 1970: Organized Crime Control Act of 1970 , Pub. L. 91–452 (including the Racketeer Influenced and Corrupt Organizations Act ("RICO")
On August 15, 1971, US President Richard Nixon unilaterally suspended the convertibility of US dollars into gold. The United States had deliberately offered this convertibility in 1944; it was put into practice by the U.S. Treasury .
The plan was announced on August 15, 1971 in a national televised address. Nixon declared that the gold window would be closed and that gold would no longer be transferable to US dollars . This created an 8 percent devaluation to the dollar, as compared to other major currencies of the time, stimulating American exports and the domestic economy.
Title IX; Long title: An Act to amend the Higher Education Act of 1965, the Vocational Education Act of 1963, the General Education Provisions Act (creating a National Foundation for Postsecondary Education and a National Institute of Education), the Elementary and Secondary Education Act of 1965, Public Law 874, Eighty-first Congress, and related Acts, and for other purposes.