October 31

Delegates from savings banks around the globe gathered in Milan for the 1st International Savings Bank Congress to address the importance of thrift and financial literacy. They declared October 31 as World Savings Day, aiming to encourage individuals and communities to cultivate prudent saving practices. The initiative sought to raise awareness about personal finance, strengthen the role of financial institutions, and support economic stability in post–World War I Europe. Promotional campaigns included educational events, posters, and school programs to highlight the benefits of saving. Over time, World Savings Day spread to more than 50 countries, becoming an annual occasion for banks and governments to engage citizens in discussions on money management. Today, the event continues under the auspices of the World Savings and Retail Banking Institute, adapting its message to modern financial challenges. World Savings Day remains a key fixture in global efforts to promote economic well-being and empowerment.

In 1938, the United States was still grappling with the long-lasting effects of the Great Depression. To combat waning public trust, the NYSE leadership announced a comprehensive fifteen-point plan to upgrade investor safeguards. The initiative tightened trading regulations, improved disclosure requirements, and introduced stricter oversight of broker-dealers. It aimed to prevent market manipulations and reduce systemic risks that had contributed to the 1929 crash. The program also established new margin rules and reinforced the Exchange’s disciplinary processes. This pioneering effort laid the groundwork for modern securities regulation and helped pave the way toward financial market stability. By prioritizing transparency and accountability, the plan sought to rebuild confidence in Wall Street.

In October 2002, a federal grand jury in Houston indicted Andrew Fastow, the former CFO of Enron, on 78 counts including wire fraud, money laundering, conspiracy, and obstruction of justice. Fastow was accused of orchestrating complex off-balance-sheet partnerships that concealed massive debt and misled investors about Enron's financial health. The indictment marked a pivotal moment in the investigation of one of the largest corporate scandals in U.S. history, leading to Enron's bankruptcy. The case highlighted the legal and financial risks of aggressive accounting schemes and prompted reforms in corporate governance and auditing standards. It underscored the role of federal prosecutors in holding executives accountable for white-collar crime and restoring public trust in financial markets.