-
The Bank of North America, established by the Continental Congress, becomes the first chartered bank in the U.S.
-
-
The Farmer's Exchange Bank in Glouchester, Rhode Island, fails.
-
U.S. economy booms and more banks exist. As a developing country, the U.S. has a reputation for not repaying loans, and many European banks refuse to lend to the U.S. government.
-
The Second Bank of the United States calls its loans, a panic sweeps the U.S., and many banks fail.
-
More than 420 banks exist in the U.S. All of them printing bank notes and making loans.
-
-
The pressure on many banks increases and a lack of confidence in the state banks abounds. The resulting bank panic in 1837 causes many banks to fail over several years. This panic is followed by a sharp depression, tied to a general downturn in the business cycle that lasts until 1841.
-
This act:
•Establishes the Office of the Comptroller of the Currency (OCC)
•Initiates a system of bank examinations. -
-
•Establishes the Federal Reserve Board (FRB) as a permanent central bank
•Gives national banks the authority to buy and sell marketable debt obligations. -
Heralds the beginning of the Great Depression. The Federal Reserve keeps money tight. The Dow drops 25 percent in two days and 30 percent in one week. Public confidence in government and business plummets.
-
Federal spending totals more that $321 billion, twice as much as all federal spending from 1789 to 1941. The GNP grows by more than 75 percent between 1941 and 1945. The U.S. government becomes the leading sector of the economy.
-
People begin carrying credit cards in their wallets
-
