The presidency of Calvin Coolidge began on August 2, 1923, when Calvin Coolidge became President of the United States upon the sudden death of Warren G. Harding, and ended on March 4, 1929. The strong economy combined with restrained government spending to produce consistent government surpluses, and total federal debt shrank by one quarter during Coolidge's presidency. Coolidge also signed the Immigration Act of 1924, which greatly restricted immigration into the United States. In foreign policy, Coolidge continued to keep the United States out of the League of Nations, but he engaged with foreign leaders and sponsored the Kellogg–Briand Pact of 1928. Under leadership of Chairman William E. Humphrey, a Coolidge appointee, the FTC largely stopped prosecuting anti-trust cases, allowing companies like Alcoa to dominate entire industries. Coolidge also avoided interfering with the workings of the Federal Reserve, which kept interest rates low and allowed for the expansion of margin trading in the stock market. 'throughout his career we find in him a deep-seated regard for law, for authority, or tradition.
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