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First Bank of the United States Established
Founded by Alexander Hamilton to stabilize the young nation's economy. -
Second Bank of the United States Founded
Created to address financial instability after the War of 1812. -
National Banking Act
Established a national currency and created a system of national banks. -
Federal Reserve Act
The Federal Reserve Act of 1913, signed by President Wilson, created the Federal Reserve to stabilize the U.S. financial system and address frequent banking crises. It operates through 12 regional banks and a central Board in Washington, D.C. Include regulating banks, managing inflation and unemployment through monetary policy, and serving as a lender of last resort. The Federal Reserve has become essential to U.S. economic policy, influencing interest rates and banking regulations. -
Banking Act of 1933 (Glass-Steagall Act)
Separated commercial and investment banking to restore public confidence post-Depression. -
End of the Gold Standard
President Nixon announces that the U.S. dollar will no longer be convertible into gold. -
Repeal of the Glass-Steagall Act
Allowed commercial banks to engage in investment banking, leading to changes in banking practices. -
Financial Crisis and Bailout
Major banks face collapse, and the government intervenes with the Troubled Asset Relief Program (TARP).