Banking Industry in the U.S.

By SCrowns
  • First bank of the U.S.

    First bank of the U.S.

    Collected fees and made payments on behalf of the federal government
  • Second bank of the U.S.

    Second bank of the U.S.

    Failed because it didn't regulate state banks or charter any other banks
  • Civil War

    Civil War

    Federal government started to print paper currency
  • National Banking Act

    National Banking Act

    Banks are able to have a state or federal charter (duel banking)
  • Federal Reserve Act

    Federal Reserve Act

    National bank. Federal Reserve system: central banking system of the U.S.
  • Great Depression

    Great Depression

    FDR declared "bank holiday" where banks had to close and were only allowed to reopen if they proved they were finacially stable
  • Glass Steagall Act

    Glass Steagall Act

    Established the Federal Deposit Insurance Corporation and ensures that if a bank goes under, you still have your money
  • Banking in the 1970's

    Banking in the 1970's

    Congress relaxes restrictions on banks
  • Banking in 1982

    Banking in 1982

    Congress allows S&L banks to make high risks loans and investments. Investments went bad, banks failed, Federal governmetn had to give investors their money back, and the Federal government owed $200 billion
  • Gramm-Leach-Bliley Act

    Gramm-Leach-Bliley Act

    Allows banks to have more control over banking, insurance and securities. However, there were less competition, there might've been a formation of a universal bank and it might've led to more sharing of information (reduction of privacy)