History3

Banking History Timeline

By CaitiCatt
  • Period: to

    Banking History Timeline

  • Because of the First Bank opening, Alexander Hamilton is named the first Secretary of the Treasury

    Agreed to put Capital on the Potomac River.
  • First Bank of the United States established

    First Bank of the United States established

  • Dollar was allowed to float?

    Wage controls were in place during the 1970s because of the high inflation rate and rapid economic growth, money was stretched the the American people.
  • Second Bank of the United States established

    Second Bank of the United States established

  • The Second bank is finally opened after being approved last year

    The bank had problems from the start including bad management and fraud.
  • Panic of 1907

    Panic of 1907

  • The Aldrich-Vreeland Currency Act is passed by Congress after the Panic of 1907

    Tt established the National Monetary Commission to study banking and over 40 banking treatises led to the esablishment of the FRS.

  • Income Tax begins with the start of the Federal Reserve System

    Federal Reserve Act was signed the day before Christmas.
  • Federal Reserve System established

    Federal Reserve System established

    Federal Reserve System

  • The Office of the Commissioner of Accounts and Deposits was established.

    when stronger credit was available for American people
  • Stronger Credit

    Stronger Credit

    Lasted in the 1920s
  • Credit made available to most Americans

    Credit made available to most Americans

    1920-1980

  • War debt incresed between the US and other countries

    France owed 4 billion dollars to the US from war debt when credit was available to Americans.
  • Stock Market Crash

    Stock Market Crash

  • Great Depression; decade of consumer distrust of credit and investment

    Great Depression; decade of consumer distrust of credit and investment

    1930s

  • 800 banks closed

    In two months because of bank panic when the Great Depression hits, 800 banks close
  • Stable inflation rates; low inerest rates

    Stable inflation rates; low inerest rates

    1940s- 1960s

  • Fiscal Deficit is up

    The deficit was up by 12 billion 427 million dollars because of the rising inflation rates and low interest rates to the US
  • Rapid economic growth; overuse of credit; high inflation rate; consumer credit protection legislation; birth of credit counseling

    Rapid economic growth; overuse of credit; high inflation rate; consumer credit protection legislation; birth of credit counseling

  • Credit as a major marketing tool across industries; major stock market gains; longest peace time expansion

    Credit as a major marketing tool across industries; major stock market gains; longest peace time expansion

    1990s

  • Cigar imports and sales began to rise

    When the economy recovered industries got back on the feet and starting importing and exporting more goods including cigars, this caused the major stock market gains to keep rising through the 1990s.

  • Markets begin the slide

    Since the fall back in 2008, the market still is falling every year. The markets fell because of the lack of interest in stock trading and now today more and more people are trying to buy and sell stock to make money.
  • Terrorists attack World Trade Center, the Pentagon and Pennsylvania led to major stock market

    Terrorists attack World Trade Center, the Pentagon and Pennsylvania led to major stock market

  • J.P Morgan and Co. halts because of Stock Market Crash

    Sold all of its shares and disbanded.