December 11

On December 11, 1815, the United States Senate formed a select committee on finance to oversee federal revenue matters. The committee examined the young nation's fiscal health and proposed measures to increase government income. Senators also debated the creation of a uniform national currency to stabilize financial transactions. Prior to this, state banks issued their own notes, causing confusion and economic instability. This select committee evolved into the standing Senate Committee on Finance, one of Congress's oldest bodies. Its recommendations shaped early American monetary policy after the War of 1812. The establishment marked a key step toward a cohesive national economy and federal financial infrastructure.

After 15 years of negotiation, on December 11, 2001, China was admitted as the 143rd member of the WTO. This accession committed China to lower tariffs, reduce trade barriers, and adopt international trade rules. The move opened Chinese markets to more foreign investment and exports. It also pressured domestic industries to increase competitiveness. China's membership reshaped global trade balances, contributing to its rapid economic growth. Critics and supporters debated the impact on local jobs and global markets. Over time, this decision has been recognized as a turning point in the globalization of supply chains.

Federal authorities arrested Bernie Madoff at his New York residence on the morning of December 11, 2008. They charged him with running a massive Ponzi scheme that defrauded thousands of investors out of an estimated $50 billion. Madoff had promised consistent high returns, using funds from new investors to pay earlier clients. The scandal shook confidence in financial markets and prompted calls for regulatory overhaul. Victims included charities, pension funds, and wealthy individuals, many of whom lost their life savings. The case became a symbol of Wall Street excess and poor oversight. Madoff later pleaded guilty and was sentenced to 150 years in prison.