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Disagree on Banking system
Federalists and Antifederalists disagree about a banking system -
Hamilton as Secretary of Treasury
Appointed by President George Washington. Hamilton proposed a national bank that issued a single currency for the entire nation, managed the federal government fund and monitor other banks in the country -
First bank in the United States was established
Created by the Federalists. The bank very much succeeded to bring order and stability to American banking.. -
Second bank of the United States
The second bank was to eliminate the chaos in American Banking. It slowly managed to rebuild the publics confidencwe in the national banking system. -
Supreme Court held bank constitutional
The Supreme Court ruled a national bank constitutional to rule out the opposed to the first and second banks. -
Second Bank's President
Nicholas Biddle became the president of the Second Bank. He was responsible for restoring stabilityy -
Vetoed renewal of bank
President Jackson did not trust the second bank which led him to veto the renewal of it -
A severe panic of Bank Runs
Some State-chartered banks sometimes did not keeo enough gold and silver to back up the paper money they had issued which make it difficult for customers to exchange their paper money for gold and siler -
Gold
Gold findings changed the ways of banking all over the United States -
First paper currency since Continental
The United States Treasurey issued its first paper currency since the Continental. They named the currency "demand notes" but also called "greenbacks" because they got printed with green ink -
Civil war
The federal government did not provide paper currency or regualting reserves of gold and silver. The Civil War, which began in 1861 made things much worse -
State Bank Laws
Laws stating that state banks are not allowed to issue their own bills -
First Time Clock
The first time clock was invented. Put on the vaults -
Bank of Italy
The Bank of Italy was esablished and swept all over the United States -
Panic of 1907
Panic of 1907 was a financial crisis that lead to the establishment of the Federal Reserve System -
Federal Reserve Act
The Federal Reserve Act served as the nation's first real central bank and reorganized the federal banking system in many different categories -
Great Depression
Severe economic decline that lasted more than a decade -
Franklin D. Roosevelt
Frankling D. Roosevelt became president and restored public confidence in the united states banking system. -
Glass Steagall Act
This banking Act placed restrictions on banks. Most of these banks were already repealed by deregulation -
Bank Holiday
President Roosevelt declared March 5th a national "bank holiday" which closed the banks all over the nation. It was declared as a desperate last resort to restore trust in the financial system for the US. -
Federal Deposit Insurance Corporation
Congress passed an act to establish FDIC which insures deposits if a bank happens to fail. -
ATM
ATMs were invented -
FIRREA
Congress passed the Financial Institutions Reform, Recovery, and Enforcement Act which abolished having independence of savings and loans and transferred the insurance responsibilities to the FDIC -
Removing Glass Steagall Act
Congress repealed this act in order to pave a way for banks to sell financial assests while privacy rules for customer data. -
9/11 Attacks
Terrorist attacks on the World Trade Center, the Pentagon, and Pennsylvania led to major stock market losses. -
The Federal Reserve Meets Liquidity
they lowered interest rates and loaned more than $45 billion to financial institutions to provide stability to the US economy. -
New $20 bill
new safety features and colors added -
Redesign of $5 and $10
The new design added more security threads to the five and ten dollar bills to rule out counterfeit money -
Americans paying debts on time
The continuing decrease in delinquency rates suggests that consumers were managing their debts better. They were said to be taking advantage of low interest rates -
2008 Financial Crisis
Over 25 banks failed
