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The first bank in the United States was built in 1791, the 15th of February, located in Philadelphia.
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Congress refuses to renew the bank's charter after the government has paid off the debt.
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Many debts started to gather together again, along with the war of 1812.
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State-chartered banks and "free banks" takes hold during this period, issuing their own notes.
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New York Clearinghouse Association was created so that the city's banks can exchange checks.
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After a bank panic, which caused a depression in the economy, stabilizes only with the help of financial mogul J.P. Morgan.
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The Aldrich-Vreeland Act allows banks to provide emergency currency during crises.
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By aiding the flow of goods to Europe, the Fed indirectly assists in financing World War one.
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As the Korean War breaks out, the Fed faces pressure to maintain low interest rates to support the war.
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Paul Volcker takes over as Fed chairman.
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The Gramm-Leach-Bliley Act is passed, overturning Glass-Steagall and allowing banks to offer loans.
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After terrorist attacks on the world trade center, The Federal Reserve System is open and operating. The discount window is available to convert assets to cash.
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Ben Bernanke takes office as chairman on Feb,1. 14-year Term
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