Developments in American Banking

By jessyboo

  • 1780s

    The Nation has no reliable medium of exchange. Federalists and Antifederalista disagree about a banking system.

  • 1791

    First Bank of the United States is established.

  • 1811-1816

    Period of instability follos expiration of First Bank's charter.

  • 1816

    Second Bank of the United States reestablishes stability

  • 1830s-1860s

    President Jackson vetoes recharter of Second Bank in 1832, givingg rise to the Free Banking Era.

  • 1861-1863

    Civil war makes clear the need for better monetary and banking system.

  • 1913

    President Wilson signs the Federal Reserve Act.

  • 1929

    The Great Depression begins

  • 1933

    President Roosevelt helps restore cn the nation's banks by establishing the FDIC.

  • 1940-1960s

    Period of governemnt regulation and long-term stability

  • 1980s

    Period of deregulation; savings and loans face bankruptcies.

  • 2000s

    In 2007, a result of the subprime mortgage crisis ia s sharp increase in the number of people who lose their homes because they cant pay their mortage. this leads to the worest economic crisis since World War 2

  • 1863-1864

    National Banking Acts of 1863 and 1864 establish national banking system and uniform national currency