History of Banking

Timeline created by AimsC
  • Hamilton's Proposal of a National Bank

    Hamilton's Proposal of a National Bank
    In order to standardize and stabilize currency, Alexander Hamilton helped birth the idea of the Frist Bank of the United States. This would help with national debt usually due to war fundings.
  • First Bank of the United States

    First Bank of the United States
    There were many purposes of the establishment of the First Bank; to help improve the nation's credit, to help handle financial business, and resolve any issues reguarding currency.
  • Second Bank of the United States

    Second Bank of the United States
    This was the second federally authorized Hamiltonian National Bank. It was a private corperation, and was modeled after the First Bank of the United States.
  • Free "Wildcat" Banking

    Free "Wildcat" Banking
    Banks were free of federal regulation, and banks were regulated by the states instead. Certain bonds would fail, and fraud became a main issue, even forgery.
  • Demand Notes

    Demand Notes
    A specific type of paper money issued during the American Civil War. They achieved wide circulation, but were eventually withdrawn.
  • Gold Standard

    Gold Standard
    Gold Standard is where the economic value is based off of the quantity of gold. It provides long-term price stability, fixed international rates, and even does not allow certain types of financial repression.
  • National Banking Act

    National Banking Act
    An Act to establish a system of national banks, and encouraged the national currency to be authorized by nationally chartered banks.
  • Panic of 1907

    Panic of 1907
    A financial crisis that took over a period of three weeks. The New York exchange fell almost 50%, Bankruptcy was inevitable.
  • Great Depression

    Great Depression
    The Economic Depression lasted for about 10 years, the worldwide GDP fell 15% and all personal income dropped.
  • FDIC

    FDIC
    The FDIC is established by President Roosevelt, to help restore confidence in the nation's banks.
  • Savings and Loan Crisis

    Savings and Loan Crisis
    The many failures of savings and loans assosiations. It is also referred to as the S&L crisis, many faced bankruptcies.
  • Financial Institutions Reform, Recovery, and Enforcement Act

    Financial Institutions Reform, Recovery, and Enforcement Act
    Helped to support the recent S&L crisis. It's purpose was to help pay out insurance to depositors.
  • Glass-Steagall Act (Repealed)

    Glass-Steagall Act (Repealed)
    To prohibit commercial banks from participating in investment banking issues.