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Bank of England
First Central Bank was establashed in the UK and set a modern model for most central banks. -
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Federalists and Anti-Federalists Disagree
The nation has no reliable medium of exchange. The federalists and Anti-Federalists disagree about a banking system. -
First Bank
First Bank was opened in the US in Philidelphia -
Bank of NY
Bank of New York for women opened -
Second Bank in the US
The second bank of the United States reestablishes stability. -
Gold Rush
Gold was discovered at Sutter's Mill in California, marking the start of the Gold Rush. -
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Civil War
The Civil War makes clear the need for a better monetary and banking system. "Greenback" was used during the war in the North. -
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National Banking Acts
The National Banking Acts of 1863 and 1864 established a national banking system and uniform national currency. -
Time Locks
Time Locks were invented -
Gold Standard Act
Congress passed the Gold Standard Act which instituted gold as the standard medium of exchange for paper currency. -
16th Amendment
The Sixteenth Amendment to the U.S. Constitution is ratified to give Congress the right to collect federal income taxes. -
Banks in the US
By 1920, there were almost 30,000 small, "unitary" banks. -
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Roaring 20's
The Federal Reserve increased the money supply by 62%. (Roughly $28 billion) -
Black Thursday
Also known as the October 24th Wall Street crash, Black Thursday was the most devastating stock market crash in US history that was thought to be the beginning of the Great Depression. -
Great Depression
Nearly 10,000 US banks fail and workforce approaches 25% unemployment. -
Bank Holiday
Because of the banking crisis, FDR declared a bank holiday, closing all the country's banks until they could be examined and allowed to reopen. -
Anti-Gold
The United States ends the domestic gold standard. U.S. currency is no longer equal to or exchangeable for gold. -
FDIC
President Roosevelt helps restore confidence in the nation's banks by establishing the Federal Deposit Insurance Corporation. -
National City Bank of New York
National City Bank of New York was the first bank in New York City to offer consumer checking accounts with no minimum-balance requirement. -
Period: to
ERMA
Checks became easier to process through the Erma system through the 1950s -
Unemployment Assistant Act
Congress passed the UAA that established a needs test and required the government to share 50% of the costs. -
ATMs
The first automated teller machine (ATM) begins operating in Rockville Centre, N.Y. -
Period: to
S&L Crisis
This was a period of deregulation. Savings and loans were previously protected by the government but were not prepared for competition after deregulation. -
FIRREA
Congress passed the Financial Institutions Reform, Recovery, and Enforcement Act that essentially abolished the independence of the savings and loan industry and transferred insurance responsibilities to the FDIC (Federal Deposit Insurance Corporation). -
Glass-Steagall Act
Congress repealed the 1933 Glass-Steagall Act that paved the way for banks to sell financial assests such as stocks and bonds while establishing new and updated privacy rules for customer data. -
Enron Corporation
Enron Corporation filed for bankruptcy. It was revealed and confirmed that the Enron Corporation was committing accounting fraud. -
FSRRA
President George W. Bush signed the Financial Services Regulatory Relief Act (designed to reduce the regulatory burdens on banks, savings and loans, and credit unions). -
J.P. Morgan Chase & Co.
J.P. Morgan Chase & Co. bought out Washington Mutual (the biggest bank to "fail" in the US) and Bear Stearns (the 5th largest investment bank). -
ARRA
President Barack Obama and Congress pass the American Recovery and Reinvestment Act that provides tax cuts and federal funds to create new jobs, save existing jobs, and spur economic growth. -
J.P Morgan Chase
J.P Morgan Chase & Co. reported a record profit of $17.4 billion dollars
