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First Colonial Currency
The Massecuesets Bay Colony issued the first colonial currency. This was called the spanish milled dollar -
Coninentals
The Cotinental did not last very long and many people lost confidence in them This resulted in the phrase "not worth a continental" becuase they became worthless -
Mint Act of 1792
They made many demoninations of coins -
US begins to mint
Although the Mint Act was passed in 1792, they did ot start making coins until 1794 -
8 Branches of National Bank
In 1805 eight different branches were opened, and they were forced to back up their notes with gold and silver. This resulted in may banks closing -
2nd National Bank Charter
Congress granted the 2nd National Bank a 20 year charter. This bank was under the control of Nicholas Biddle. -
Jackson Elected President
He has been held responsible for killing the banks by 1836 -
Greenbacks
The Greenbacks were made in order to finance the Civil War -
National Banking Act of 1864
This was inacted to creat the office of the "controller of currency" to issue charters to national banks -
Secret Service
The secret service was established in 1865. There purpose was to protect our nation from counterfitting -
U.S. Bureau of Engraving and Printing
This department made all of the paper money where as the mint made the coins. -
Economic Panic
During this panic 10,000 of 24,000 banks failed in the U.S. -
Federal Reserve Act of 1913
This act lead to a demand in credit, industrialization and also established banks that were both flexible and adaptable. This was in responce to the 1907 panic. -
Great Depression
This was the worst economic downfall in U.S. history and many people went from being rich to extreme poverty. -
Glass-Steagall Act
This act made U.S. made 750 million dollars of gold for sale -
Bank Merger Act
The Bank Merger Act was passed. It required Federal regulation of mergers and consolidations. -
Monetary Control Act of 1980
The federal reserve printed tens of billions of dollars to buy the worthless bonds of dictatorial regimes called monetizing foreign debt -
TEFRA
The Tax Equity and Fiscal Responcibility Act was created in order to reduce the budget gap by generating revenue through closure of tax loopholes and introduction of tougher enforcement of tax rules -
Financial Crisis
This was considered the worst financial crash since the Great Depression. This lead to many large companies recieving government bailouts. -
Dodd Frank Act
This bill brought the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression
