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Federalist vs Antifederalists
Nation has no medium of exchange because federalists and antifederalists disagree on a system. -
1789
President Washington appointed Hamilton as secretary of treasury and he proposed a national bank. -
National Bank
President Washington appointed Hamilton as secretary of treasury and he proposed a national bank. -
First Bank
First bank of the United States is established. -
Duel
Hamilton died in a duel with the vice president Aaron Burr (bank lost main backer) -
Period: to
Lost Charter
Bank lost first charter and a period of instabiility followed. -
Second Bank
Second bank of the United States reeastablishes stability. -
Supreme Court Ruling
Supreme Court ruled national bank constitutional -
Nicholas Biddle
Nicholas Biddle was responsible for restoring stability in the bank -
Period: to
Number of Banks
The number of state chartered banks nearly tripled. -
Period: to
Vetoes recharter
President Jackson vetoes recharter of second bank. -
Period: to
Wildcat Era
Known as free banking or wild cat era -
Circulating Currency
estimated 8,000 banks were circulating currency -
Civil War
Civil war started, making banking problems worse; U.S. Treasury issued its first currency since the Continental. -
Period: to
National Banking Acts
National Banking Acts of 1863 and 1864 establish national banking system and uniform currency -
Period: to
Gold Standard
Nation adopted a Gold Standard -
Panic of 1907
Panic of 1907 leads to creation of the federal Reserve System, government made plans to reinstate central bank. -
Federal Reserve Act
President Wilson signs Federal Reserve Act. -
Period: to
Loans
banks loaned large sums of money to many high-risk businesses. -
Great Depression
Great Depression begins. -
FDIC
President Roosevelt establishes the FDIC; on March 5th, he declared a bank holiday. -
Period: to
Stability
Period of government regulation and stability. -
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New Laws
new laws make clear righgt and responsibilities of banks and consumers -
Period: to
Congress passed laws
Congress passed laws to deregulate several industries; S&L face bankruptcies. -
FIRREA
Congress passed Financial Institutions Reform, Recovery, and Enforcement Act which abolished independence of savings and loan industry -
Period: to
Bank Mergers
growing trend toward bank mergers. -
Glass-Steagall Act repeal
Congress repealed the 1933 Glass-Steagall Act -
Stable
Banking system is stable and healthy.
