Black Monday, the 1987 stock-market crash, led the U.S. Congress to establish the Brady Commission.
After the Dow Jones Industrial Average fell 22.6% on October 19, 1987, President Ronald Reagan appointed a special presidential task force chaired by Nicholas F. Brady. The group examined the causes of the crash, including market structure, program trading, margin practices, and links among futures and stock markets.
Its report helped shape reforms intended to reduce the risk of disorderly trading. These included coordinated market-wide circuit breakers and stronger cooperation among regulators and exchanges. The measures were designed to give investors time to assess information during exceptionally rapid declines.
Black Monday is sometimes confused with the 1929 crash's Black Tuesday. They are different events: Black Monday occurred in 1987 and produced the largest percentage one-day fall in Dow history, while Black Tuesday occurred in 1929 during the Great Depression-era collapse. The Brady Commission specifically investigated the 1987 event.