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The natio has no reliable medium of exchange. Federalists and Antifederalists disagree about a banking system.
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Hamilton proposed a national bank that could issue a single currency for the entire nation.
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First Bank of U.S. established
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in 1804 the bank lost its main backer Vice president Aaron Burr to a duel
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In 1804 the bank lost its main backer Vice President Aaron Burr to a duel
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Period of instability follows expiration of first bank
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Second Bank of the U.S. reestablishes stability
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Supreme Court had ruled a national bank constitional
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Nicholas Biddle was the second Banks President.
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Nicholas Biddle was the second Banks President.
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President Jackson vetoes recharter of second bank, in 1832 giving rise to free banking era.
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the U.S. issued its first, paper currency.
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Cicil War makes clear the need for a better monetary and banking system.
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National Banking Acts of 1863 and 1864 established national banking system and uniform national currency
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gold standard adopted
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Panic of 1907 leads to creation of the federal Reserve system
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President Wilson signs the Fied.
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Banks lown money to many high-risk businesses.
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Great Depression begins and Stock Market crashes
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President Roosevelt helps restore confidence in the nations banks by establishing FDIC.
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Period of government regulation and long term stability
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New Laws make clear the rights and responsibilities of Banks and consumers
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Period of deregulation, S&Ls face bankrupteres
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Congress passed the (FIRREA)
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Congress repealed the 1933 Glass seagull
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After two decades of mergers, the banking system emerges stable and healthy.
