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first bank of the USA
the congress created the first bank of the usa in philly to help with war debt -
second bank of the USA
Federal debt starts coming with the war of 1812 congress accepts it -
uniform currency in offing
The national banking act is passed.one amendment to the act requires taxation on state bank notes but not the national bank notes leading to the formation of the first uniform national currency -
first depression triggered
a bank panic triggers the worst depression in the united states -
district banks open
twelve federal reserve district banks open for buisness -
Korean war erupts
as the Korean war breaks out the fed faces pressure to maintain low interest rates -
Greenspan takes over
Fed Chairman Alan Greenspan takes office. The stock market plummets on October. 19, 1987. Greenspan issues this statement the following day -
sept. 11 attacks
there was an attack that affected the federal reserve because the twin towers collapsed -
Fed bails out bear stearns
Bank of America buys Countrywide Financial. The Fed bails out Bear Stearns. BofA buys Merrill Lynch. Lehman Brothers files for bankruptcy. Regulators close Washington Mutual. Wells Fargo buys Wachovia Bank. President George W. Bush signs law setting up the $700 million Troubled Asset Relief Program. The Treasury buys into AIG. -
140 banks fail
The fed continues to buy mortaged-backed securites insured by fannie mae -
QE2 kicks in
Fed introduces QE2 buying 600 billion in long term treasury securities -
Yellen nominated as fed chair
The Dow hits all-time high. The Fed keeps interest rates near zero. Janet Yellen approved as new Fed chair. -
Fed tapers economic stimulus
the fed begins to taper its asset purchases from 85 billion to 75 billion a month -
New leader takes fed helm
Janet Yellen becomes Fed chair, one day after Ben Bernanke steps down after eight years. -
New leaders take fed helm pt. 2
Yellen chairs first FOMC meeting, and continues Bernanke’s tapering of asset purchases.
