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Federalists vs. Antifederalists
The nation has no reliable medium of exchange. Federalists and Antifederalists disagrss about a banking system. -
First Bank
First Bank of the U.S. is established. -
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Instability
Period of instability follows expiration of First Bank's charter. -
Second Bank
Second Bank of the United States reestablishes stability. -
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Jackson Vetoes Rechater
Pres. Jackson vetoes recharter fo Second Bank in 1832, giving rise to Free Banking Era. -
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Civil War - Need for Better Banking
Civil war makes clear the need for a better monetary and banking system. -
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National Banking Acts
National Banking Acts of 1863 and 1864 establish national banking system and uniform national currency. -
Bank of Italy
Bank of Italy set up by Giannini. -
Earthquake and Fire
San Francisco - there was an earthquake and a fire and the bank vault survived. The money was still safe inside. -
Panic of 1907
Panic of 1907 leads to creation of the Federal Reserve System. -
Pres. Signs FRA
President Wilson signs the Federal Reserve Act. -
Great Depression
The Great Depression begins. -
Wall Street Crash
Wall Street Crash - caused high unemployment, poverty, low profits, and deflation. -
Bank of America
Giannini changed Bank of Italy into Bank of America. -
Roosevelt Establishes FDIC
Pres. Roosevelt helps restore confidence in the nation's banks by establishing the FDIC. -
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Gov't Regulation
Period of government regulation and long-term stability. -
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New Laws Clear Rights of Banks
New laws make clear the rights and responsibilities of banks and consumers. -
Deregulation
Period of Deregulation; S&Ls face bankruptcies. -
Bank Systems Stable and Healthy
After two decades of mergers, the banking system emerges stable and healthy.
