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1791 Bank of the US
The First Bank of the United States was a central bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. Link text -
1816 Second Bank of the US
Closely modeled after the first Bank of the United States, it held federal tax receipts and regulated the amount of money circulating in the economy. Link text -
Printing Currency
After selling bonds did not work in order to supply the Civil War, Congress decided to print paper currency for the first time since the constitution was adopted. Link text -
1863 National Banking Act
United States federal law that established a system of national charters for banks. It encouraged development of a national currency based on bank holdings of U.S. Treasury securities. Link text -
1913 Federal Reserve Act
It is the act that created the federal reserve system, the central banking system of the united states, which was signed into law by Woodrow Wilson. It regulated banking to help smaller banks stay in business.
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1930’s Great Depression (regarding banking)
After the crash during the first 10 months of 1930, 744 banks failed. In all, 9,000 banks failed during the decade of the 30s. Link text -
Glass-Steagall Banking Act
Established FDIC, insured up to $5,000. The long term goal was to restore public confidence in banks. Link text -
Banking in 1970s
Starting in the late 1970s, banks grew fast, with lots of loans to businesses. Higher inflation helped raise interest rates, which caused the disintermediation process to occur and helped create money market mutual funds. Link text -
Banking in the 80s
Hundreds of savings and loan associations (S&L's) and banks failed in the 1980s and early 1990s. This episode illustrated how changes in the market environment and a loosening of regulations can lead to a bank crisis and how regulations and supervisory standards must be improved to address new problems. Link text -
1999 Gramm-Leach-Bliley Act
Gramm-Leach-Bliley Act ensured that financial institutions, including mortgage brokers and lenders, protect nonpublic personal information of consumers.
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