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Period: to
Timespan
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1791 Bank of the United States
This was the first Bank of the United States and it was located at
120 South Third Street in Philadelphia, Pennsylvania. The bank collected fees and made payments on behalf of the federal government. States opposed to this because they believed that it gave the national government too much power. It collapsed and is now a historical landmark. -
1816 Second Bank of the United States
This bank was located on 420 Chestnut Street Philadelphia, Pennsylvania. The banks essential function was to regulate the public credit issued by private banking institutions to establish a stable national currency. This failed, and the bank shut down in 1836. -
Civil War
Paper currency wasn't introduced until the Civil War. Green backs were paper currency (printed with green on the back of it) during the Civil War. They were in two forms; Demand notes and United States notes. Congress passed the law to authorized printing money because of the northern states need of currency. -
1863 National Banking Act
This act was designed to create a national banking system, float federal war loans, and establish a national currency. The act was passed to help resolve the financal crisis that occured during the Civil War. This act created the United States National Banking System. -
1913 Federal Reserve Act
This act was signed into law by President Woodrow Wilson. The act created and established the Federal Reserve System. This act made the central bank in charge of monetary policy in the U.S. -
1930's Great Depression
This was the longest most most widespread depression of the 20th century. This caused all of the banks to collapes. -
Glass-Steagal Banking Act
This act was created in 1933 and established the Federal Deposit Insurance Corporation. This ensured that if a bank were to fail, you would still be in posession of your money. In 1970, congress relaxed these restrictions on banks which was detrimental beause interst rates were high. -
1982 Regarding Bank
The U.S had a recession because Congress allowed the Savings and Loans bank to make high risk loans and investments. The consequences of this included failure of banks, unemployment, inflation, and debt. -
1999 Gramm-Leach-Bliley Act
Signed into law by President Bill Clinton. The act requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data.
