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First Bank of the U.S
This was the first Bank of the U.S. It received a charter in 1791 from congress; signed by President Washington. It collected fees and made payments on behalf of the federal government. It failed later on because state governments opposed it and thought it gave too much power to the National Government. -
2nd Bank of the U.S
The Second Bank of the U.S was chartered in 1816. It also failed because it didn't regulate state banks or charter any other banks. -
The First Time Paper Currency Was Printed
Paper currency was first printed during the Civil War because it was needed to finance the war. It was first printed in the form of treasury notes or demand notes. -
National Banking Act
The National Banking Act was created in 1863 and stated that banks could have a state or federal charter (duel banking). -
Federal Reserve Act
The Federal Reserve Act was created in 1913 and created the Federal Reserve System as the nation's central bank to regulate the flow of money and credit for economic stability and growth. -
Four Bank Holiday (Great Depression)
During the Great Depression Many banks collapsed. This led FDR to declare a "Bank Holiday" where banks closed for four days and were only allowed to reopen if they were financially stable. -
Glass-Steagall Banking Act
The Glass-Steagall Banking Act established the Federal Deposit Insurance Corporation which ensures that if a bank goes under, you will still have your money -
Banking in the year 1982
In 1982 Congress allowed S&L banks to make high risk loans and inveatments. However the investments went bad and the banks failed. The Federal Government had to give investors their money back and they went into a debt of $200 billion. -
Gramm-Leach Bliley Act
The Gramm-Leach Bliley Act allowed banks to have more control over banking, insurance, and securities. The downside to this was that less competition may form a universal bank; may lead to more sharing of information (reduction of privacy)
