History of Money

  • First Bank in the U.S.!

    First Bank in the U.S.!
    -Nations first central bank
    -It helps to unify the country's economy
    -8 Branches
    -The 20-year charter was not renewed
  • Second Bank!

    Second Bank!
    -Finances debt from war of 1812
    -Pres. Biddle and Jackson at odds with starting the second bank
    -Charter is still not renewed
    -Central banking still not renewed
  • Banking panic

    Banking panic
    -This raised issues for the need for a central bank
  • Federal Reserve System established

    Federal Reserve System established
    -Third central bank
    -Federal reserve act passed
  • McFadden Act

    McFadden Act
    -It has a 20-year charter, but this act gives Fed permanence
  • Great Depression

    Great Depression
    -leads banks and businesses to fail
    -laws passed: Glass-Steagall Act, FDIC, and SEC
    -These laws helped to restore people's faith in banking and stocks again
  • Employment Act

    Employment Act
    -This defined goals of the economic policy
  • Treasury-Fed accord

    Treasury-Fed accord
    -It acknowledged Fed's independence for the monetary policy
  • Consumer Protection Laws

    Consumer Protection  Laws
    -Became popular in late 60's
    -70's had high enployment and high inflation
    -Truth in Lending Act in 1968
    -The community reinvestment act in 1977
  • "Gold Window"

    "Gold Window"
    President Nixon suspended gold payments of U.S. dollars. This closing of the “gold window” effectively ended all ties between the U.S. dollar and either gold or silver.
  • Humphrey-Hawkins Act

    Humphrey-Hawkins Act
    -Twice a year Fed has to submit a report to congress