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First Commercial Bank
The first U.S Commercial bank, Bank of North America, is incorporated in Philadelphia -
First Bank Charter
The first bank of the United States is chartered -
No National Debt
Andrew Jackson is the only president who has paid off the national debt. After closing The Second Bank, Jackson paid off all the debt and started with a clean slate. -
The Gold Standard
The United States adopts the gold standard. U.S. currency is backed by actual gold and can be exchanged for it at any time. -
The Federal Reserve
The Federal Reserve Act is signed into law. It created the 4th central bank of the United States government. -
The Stock-market Crash
"Black Thursday" The stock market crashes, starting off the Great Depression. -
Federal Deposit Insurace Corporation (FDIC)
The FDIC is created to protect deposits against bank failure. This is a direct response to the Great Depression when over 10,000 banks failed. US currency is no longer equal to or exchangeable for gold. -
First Credit Card
Bank of America issued the BankAmericard (now Visa), the first bank credit card -
First ATM
The first automatic teller machine (ATM) begins operating in Rockville Center, New York. -
Savings and Loan Failure
Massive failures of Savings and Loan Assocations begin. By the end of the decade, more than 500 are shut down. -
New Money
New $20.00 bill featuring background colors and improved security features is issued. More changes for most bills and coins follow.