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Seventeenth Century
Goldsmith's were the among the first to handle banking due to the fact that they were handling gold on a regular basis -
Eighteenth Century
The nation has no reliable medium of exchange. Federalists and Anti-Federalists disagree about a banking system. -
Eighteenth Century
The first bank of the United States was established: Bank of America. -
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Nineteenth Century
Period of instability follows expiration of First's Bank's Charter. -
Ninteenth Century
Second Bank of the United States reestablishes stability. -
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Nineteenth Century
President Jackson votes vetoes recharter of Second Bank in 1832, giving rise to Free Banking Era. -
Nineteenth Century
The California Gold Rush
Gold was discovered in California which created migration. Which then created monetary means for the United States. Net result: and increase in American Banking. -
Nineteenth Century
By 1850, there were over 1600 banks total in the U.S. -
Nineteenth Century
During the Civil War in 1860, there was not yet an established national currency. Due to the fact that there was not a unified currency, each state had their own individual currency which then led to competing currencies throughout the U.S. Very often, some currencies held zero value. -
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Nineteenth Century
Civil War makes clear the need for a better monetary and banking system. -
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Ninteenth Century
National Banking Acts if 1863 and 1864 establish national banking system and uniform national currency. -
Nineteenth Cenutry
The United States Federal Government began to back and established currency. -
Nineteenth Century
Time locks were developed in 1874 to protect the vaults that held all savings and valuable items. The time locks were designed so that the combination had to match the time lock exactly thus preventing criminals and tresspassing. -
Twentieth Century
Panic of 1907 leads to creation of the Federal Reserve System: the nation's central banking system. -
Twentieth Century
President Wilson signs the Federal Reserve Act of 1913, -
Twentieth Century
A.P. Giannini develpoed branch banking. His individual firms became the largest in the country. By 1918, there were around 19 individual firms as a result of branch banking. -
Twentieth Century
Bank of America creates the first credit card. Originally called 'Bank Americard' In 1996, it was renamed 'Visa'. -
Twentieth Century
The Great Depession has begun. Bank failure and unemployment broke out throughout the United States. -
Twentieth Century
President Roosevelt helps restore confidence in the nation's banks by establishing the FDIC (Federal Deposit Insurance Corporation). The FDIC was formed so that the government agency would insure customer deposits if a bank were to fail. -
Twentieth Century
Glass-Stegall Act States that banks must determine if they will be a commervial or investment bank. Later repealed in 1999. -
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Twentieth Century
Period of Government regulation and long-term stability. -
Twentieth Century
Electronic checking and record keeping was created. Made for a more safe and reliable form of banking. -
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Twentieth Century
New laws make clear the rights and responsibilites of banks and consumers. -
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Twentieth Century
Period of deregulation; S & L's face bankruptcies. -
Twenty-First Century
After two decades of mergers, the banking system emerges stable and healthy. -
Twenty-First Century
The nation’s jobless rate at 4 percent is lowest in 3 decades. -
Twenty-First Century
President George W. Bush signs the Financial Services Regulatory Relief Act which is designed to reduce the regulatory burdens on banks, savings and loans, and credit unions -
Twenty-First Century
The Federal Reserve injected $38 billion into the banking system in an effort to provide liquidity as needed to keep financial markets operating normally. -
Twenty-First Century
President Obama signed into law an extension of the existing federal income tax cuts and long-term unemployment benefits. The bill also includes a 2% rollback of Social Security payroll taxes. -
Twenty-First Century
Several banks throughout have failed according to the FDIC.
