John Adams signs Bankruptcy Act to address insolvency, faces criticism, repealed shortly after.

John Adams signed the Bankruptcy Act, marking the first federal legislation addressing bankruptcy in the United States. It aimed to provide a systematic procedure for resolving insolvency, reflecting the need for economic stability in a young nation. The Act allowed creditors to initiate bankruptcy proceedings against debtors and appointed commissioners to oversee these processes. Despite its intentions, the Act faced criticism for being overly complex and favoring creditors, leading to its repeal by Congress shortly after. This short-lived legislation highlighted early American struggles with economic policy and legal framework development. #JohnAdams #BankruptcyAct #EarlyAmericanHistory #EconomicPolicy #LegalFramework #MoofLife