1948: Truman signs Marshall Plan

On April 3, 1948, U.S. President Harry S. Truman signs the Foreign Assistance Act, commonly known as the Marshall Plan, into law. Named after U.S. Secretary of State George C. Marshall, the program channeled over $13 billion in aid to Europe between 1948 and 1951. Meant to spark economic recovery in European countries devastated by World War II, the plan also saved the United States from a postwar recession by providing a broader market for American goods. However, because the USSR prevented countries like Poland and Czechoslovakia from participating, the plan also contributed to the raising of the Iron Curtain between Eastern and Western Europe.