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The Federalist and Antifederalsit disagree about banking.
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Goldsmiths became first bankers. Gold Rush in California lead to many new banks.
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The very first bank formed in 1791 and opened in Philidelphia in 1782. It was opened by congress and named The North American Bank.
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By the 1800's, over 700 banks were created.
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A period of instability follows expiration of First Bank's charter.
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Second Bank of US becomes stable.
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President Jackson vetoes recharter of Second Bank in 1832.
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Civil War occurs and creates need for a better banking systems.
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National banking acts establish new banking systems and uniform currency.
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An earthquake and firestorm destroys all infrastructure and ruined the Volts at many banks.
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Panic of 1907 leads to creation of Federal Reserve System.
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President Wilson signs the Federal Reserve Act.
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A "bank cry" broke out and many people lost confidence in their banks.
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The Great Depression caused the 25,000 banks in the 1920's to go down to 14,000 banks in 1933.
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The Great Depression begins.
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In 1930, Bank of America was created.
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President Roosevelt established the FDIC with gives people confidence in the nation's banks.
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Scientist developed ERMA, an electronic method of counting.
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The first credit card was created in California in 1959. Visa was created in 1969.
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The government starts to regulate and creates long term stability.
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By 1968, there were more than 850,000 ATM'S around the world.
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New laws make clear the rights and responsibilities of bankers and consumers.
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The period of deregulation and bankruptcies.
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After 2 decades of mergers, the banking system becomes stable and healthy.