This Day In Market History: The US Supreme Court Is Born

Each day, Benzinga takes a look back at a notable market-related moment that happened on this date.

What Happened: On this day in 1789, Congress passed the U.S. Federal Judiciary Act to create a six-person Supreme Court.

Where Was The Market: The NYSE would not be founded for another 28 years.

What Else Was Going On In The World: Also on this day, the U.S. established the office of attorney general, the Post Office Department and the U.S. Marshals Service. The Northwest Indian War continued at home and the French Revolution raged overseas.

SCOTUS Makes Its Debut: As granted by Article 3 of the Constitution, the U.S. Supreme Court enjoys jurisdiction over all laws, especially those with debated constitutionality. It's also charged with cases regarding treaties, foreign diplomats and maritime jurisdiction.

Since its establishment, the High Court has weighed in on critical, market-moving issues, including a recent ruling legalizing sports gambling, a discussion of social media platforms as constitutional rights, a ruling expanding the realm of internet sales taxes and various cases on insider trading and patent rights.

Only six justices sat on the original court, which convened for the first time Feb. 1, 1790. President George Washington nominated John Jay as the first chief justice, and the U.S. Senate confirmed all nominees within two days.

Today, the court seats nine justices, whose appointments shake the market as much as their decisions do.

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