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The Bank of United States recieved a charter from Congress. It was signed by President George Washington. It is located in Philadelphia, Pennsylvania.
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This bank failed because it didn't regulate state banks or charter any other bank. It is located in Philadelphia, Pennsylvania.
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The federal government started printing paper money during the Civil War. State governments issued their own currencies, along with banks, insurance companies, and businesses. This made things confusing if you wanted to purchase something in another state.
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The National Banking act allowed banks to have a federal or state charter. This is also known as duel banking.
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The Federal Reserve Act created and established the Federal Reserve System, which is the central banking system of the United States of America. It also granted the legal authority to issue Federal Reserve Notes, or the US dollar.
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The 1930’s Great Depression caused banks to collapse. FDR declared a "bank holiday" where banks closed and were only able to reopen when they proved they were financially stable.
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The Glass-Steagall Banking Act established the Federal Deposit Insurance Corporation. It ensures that if a bank goes under, you still have your money.
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Congress relaxes restrictions on banks.
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Congress allows S&L banks to make high risk loans and investments. Investments went bad and banks failed. The Federal Government had to give investors their money back, and the debt went up to $200 billion. The FDIC took over the S&L.
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This act allows banks to have more control over banking, insurance, and securities. The cons to this act are less competition, may form a universal bank, and may result in reduction of privacy.
