Governor Roy A. Young, of the privately owned Federal (central) Reserve Bank of Minneapolis, minnesota, is inaugurated as Chairman of the Federal Reserve Board of Directors (a Federal agency).

       NOTE: Under his tenure, the obligation clause on Federal Reserve Notes (Bills of Credit) was changed from,

THIS NOTE IS RECEIVABLE BY ALL NATIONAL AND MEMBER BANKS AND FEDERAL RESERVE BANKS AND FOR ALL TAXES, CUSTOMS AND OTHER PUBLIC DUES.  IT IS REDEEMABLE IN GOLD ON DEMAND AT THE TREASURY DEPARTMENT OF THE UNITED STATES IN THE CITY OF WASHINGTON, DISTRICT OF COLUMBIA OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK.

to read as,

REDEEMABLE IN GOLD ON DEMAND AT THE UNITED STATES TREASURY, OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK

       [restored 6/27/2022]

       Gutzon Borglum, a sculptor and an active member of the racist Ku Klux Klan, begins construction of the Mount Rushmore National Memorial, on land that had been promised to the Lakota Nation, in perpetuity, by the 1868 Treaty of Fort Laramie.

       [added 6/27/2022]