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1791 Bank of the US
The US first bank. it was supported by Alexander Hamilton. Establishment of the Bank was included in a three-part expansion of federal fiscal and monetary power (along with a federal mint and excise taxes). -
1816 Second Bank of the US
The Second Bank of the US was created after the First Bank had expired. It contained the same duties as the First bank, only it was cut off before its time by Andreew Jackson. It had poor management. -
Civil War(printing currency)
On the brink of bankruptcy and pressed to finance the Civil War, Congress authorized the United States Treasury to issue paper money for the first time in the form of non-interest bearing Treasury Notes called Demand Notes. -
1863 National Bank Act
It was a bank act that created new national banks that had to invest 1/3 of their capital into government securities. They were then allowed to issue U.S.treasury notes as currency (bank notes). This gave stability to the Union currency by creating a form of currency that was accepted throughout the Union states as legal tender. -
1913 Federal Reserve Act
An Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson. -
1930's Great Depression
On October 29, 1929 the stock market crashed, which signaled the start of the Great Depression. Bank runs were a cause in the Depression too.It was a cause because as more people withdre their deposits, the likelihood of default increased, triggering further withdrawals. This destabilizedthe bank to the point where it runs out of cash and thus faces sudden bankruptcy. -
Glass-Stegall Act
The term Glass–Steagall Act, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms -
1970s Regarding Banking
In banking, the 1970s was the decade of NOW accounts and multi-bank holding companies, of high interest rates and disintermediation, and of bank failures and the growth of savings and loans. -
1982 Regarding Banking
The failure of Penn Square Bank of Oklahoma City had a devastating effect on the U.S. banking system when the bank was declared insolvent on July 5, 1982. The ill-fated financial institution started in 1960 in a shopping mall. Penn Square Bank had a drive-up window to make transactions more convenient for suburban housewives with children to manage. -
1999 Gram-Leach-Bliley Act
It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. It was signed by President Bill Clinton.
