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Period: to
Banking History Timeline
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First Bank of the United States established
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Alexander Hamilton sent a report on the status of government loans.
Since the first bank was established, government loans could be in use. -
Second Bank of the United States established
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The second bank suffered from serious mismanagement and outright fraud.
Having a second bank, it was easy for people to take advantage of it. -
Panic of 1907
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Financial Crisis
Because of the Panic of 1907, the world was in an economic recession and there were numerous runs on banks and trust companies. -
Federal Reserve Sysytem established
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World War I
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Federal Reserve Banks opened.
Federal Reserve Banks opened because the Federal Reserve System established. -
President Wilson ordered the United States Secret Service
He ordered this because of World War I, to counter activities. -
The Office of the Commissioner of Accounts and Deposits was established.
Because of the stronger credit in the US, this needed to be established in order to keep things straight. -
Stronger Credit
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Credit made available to most Americans
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Stock Market Crash
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Great Depression
decade of consumer distrust of credit and investment -
The largest Bank failure in the nations history takes place when the Bank of the United States closes its doors in New York.
Everyone started using credit. -
The Bank Panic
The bank panic increases as over eight hundred banks are closed in two months. Individuals start to hoard gold to protect themselves, because of the stock market crash. -
The Emergency Bank Act was introduced
The Emergency Bank Act was approved all on the same day to prevent the collapse of the private Federal Reserve Bank. This is happening because of the start of the Great Depresson. -
Stable inflation rates; low interest rates
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The first computer installed in the Treasury Department
With the extre money, and people borrowing money, there were more inventions and people buying. -
Rapid economic growth
overuse of credit; high inflation rate; consumer credit protection legislation; birth of credit counseling -
All operations of the United States Customs Service in New York City were located in the World Trade Center.
Because of the rapid growth, people started getting more jobs. -
Credit as a major marketing tool across industries
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More electronics
There were major stock market gains because of the new inventions and new electronics. -
9/11 terrorist attack
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More security
Because of the attack on the twin towers, there has been more security and caution in the US.
