-
1780's
THe nation has no reliable medium of exchange Federalists & anti-federalists disagree about a banking. -
1789
Hamilton proposed a national bank. -
1791
first bank of the U.S. is established. -
1804
The bank lost it's main backer & it only functioned until 1811. -
1811-1816
Period of instability follows expiration of first bank's charter. -
1819
Supreme court ruled a national bank constitution. -
1830-1837
The number of state charter banks tripled. In 1837 there was a panic with the banks because customers couldnt exchange their paper money into gold or silver. -
1830's-1860's
President Jackson vetoes recharter of second bank in 1832 giving rise to free banking era. -
1860
8,000 different banks were circulatong currency. -
1861-1863
Civil war makes clear the need for a better monetary & banking system. -
1863-1864
National banking acts of 1863 &1864 establish national banking system & uniform national currency. -
1870's
the nation dropped a gold standard. -
1907
Panic of 1907 leads to creation of the federal reserve system . Many banks had to stop exchanging gold for paper money. -
1913
President Wilson signs the federal reserve act. -
1920's
banks loaned large sums of money to many high risk businesses. -
1929
severe economy decline began. Stock market crashed. Great depression. -
1933
President Roosevelt helps restore confidence in the nations bank by establishing the FDIC. Glass Stegal ect. -
1940's-1960's
Government & regulation & long term stability. -
late 1960's-1970's
New laws make clear the rights & responsibilities of banks & consumers. -
1980's
Deregulation, S&L 's face bankruptcies. -
1989
Congress passed FRREA -
1999
Congress repealed the Glass Stegal Act. -
2000's
bank emerges stable & healthy.
