The Federal Reserve Act become law on December 24.

The "Gentleman's Agreement" signed between the United States and Japan on February 15, restricts immigration from Japan.

On March 14, the U.S. Supreme Court rules against the Northern Securities Trust in the first major anti-trust case brought before the high court.

President William McKinley is assassinated. He is shot on September 6 and dies on September 14. Later that day Vice President Theodore Roosevelt (New York) becomes the twenty-sixth President.