banking systems

Banking Systems

Oct 17, 1780

the nation has no reliable medium of exchange. federalists and Antifederalists disagree about a banking system.

First Bank

Oct 17, 1791

First Bank of the United States is established.

Instability

Oct 22, 1811

1811-1816 period of instability follows expiration of first charter.

Second Bank

Oct 22, 1816

1816 second back of the united staes reestablishes stability.

Rise

Oct 22, 1830

1830s-1860s President Jackson Vetoes Recharter of second back in 1832, giving rise to free banking era.

Effects of the civil war

Oct 22, 1861

1861-1863 civil war makes a clear need for a bettermonetary and banking system.

National Banking Acts

Oct 26, 1863

1863-1864 National Banking Acts of 1863 and 1864 established aNational banking system and uniform currency.

Federal Reserve System

Oct 26, 1907

Panic of 1907 leads to the creation of the Federal Reserve System

Federal Reserve Act

Oct 26, 1913

President Wilson signs the Federal Reserve Act

The Great Depression

Oct 26, 1929

The Great Depression begins

FDIC

Oct 26, 1933

President Roosevelt helps restore confidence in the Nation's bank by establishing the FDIC

Regulation and Stability

Oct 26, 1940

1940s-1960s. Period of government regulation and long-term stability.

New laws

Oct 26, 1960

late 1960s-1970s. new laws make clear the rights and responsibilities of banks and consumers.

Deregulation

Oct 26, 1980

1980s was a period of deregulation; S&Ls face bankruptcies.

Two Decades

Oct 26, 2000

After two decades of mergers, the banking system emerges stable and healthy