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Period: to
Banking History Timeline.
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First Bank of the United States established.
Establishment of the Bank was included in a three-part expansion of federal fiscal and monetary power. -
The First Bank of the United States opened.
It provided national currency and acted as the government's fiscal agent. -
Second Bank of the United States established.
A private corporation with public duties, the central bank handled all fiscal transactions for the US Government, and was accountable to Congress and the US Treasury. -
President Andrew Jackson.
Attacks the bank of the United States. -
War debt incurred by United States Panic of 1907.
World War 1. -
Act of Congress.
established Postal Savings Depositories -
Federal Reserve System established.
Is the central banking system of the United States -
War loan.
American bankers, organized by J.P. Morgan and Co., agree to lend Great Britain and France five hundred million dollars, the largest loan floated in any country. -
Credit made available to most Americans.
Most credit was givn to people so they could buy houses and cars. -
Stronger credit.
People were learning how to build stronger credit. -
Stock Market Crash.
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The new paper currency
only two thirds the size of the old, goes into circulation. -
Great Depression.
Decade of consumer distrust of credit and investment. -
Stable inflation rates; low interest rates.
inflation is a rise in the general level of prices of goods and services in an economy over a period of time. -
Rapid economic growth.
Overuse of credit, high inflation rate, consumer credit protection legislation, birth of credit councling. -
Credit as a major marketing tool across industries.
major stock market gains, longest peace time expansion. -
Fire.
The north wing of the Main Treasury Building was severely damaged by fire. -
Terrorist attacks.
World Trade Center, the Pentagon, and the Pannsylvania lead to major stock market losses. Theats of further terrorism continue to influencethe financial markets. The latter part of the first decade was markets by a significant economic recession that resulted in failed banks, foreclosures, and high unemployment.
