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The US has no reliable medium of exchange. Federalists and antifederalists disagree about the banking system.
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President Washington appointed Alexander Hamilton as secretary of the treasury, Hamilton proposed a national bank.
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First Bank of the US is established.
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Alexander Hamilton dies in a duel with the vice president.
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A period of instability follows expirations of the First Bank's charter.
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Second Bank of the US establishes stability.
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Supreme Court rules a national bank constitutional.
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President Jackson vetoes recharter of second bank in 1832, giving rise to the free banking era.
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An estimated 8000 banks were circulating currency.
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Civil war erupts, first paper money since the continental.
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The Civil War makes clear the need for a better monetary system.
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National Banking Acts of 1863 and 1864 establish national banking system and uniform national currency.
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Nation adopts a gold standard.
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Panic of 1907 leads to creation of the federal reserve system.
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President Wilson signs the Federal Reserve Act.
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Banks loan large sums of money to high-risk businesses.
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The Great Depression begins.
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March 5th is declared a national bank holiday.
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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&l face bankruptcies, interest rates skyrocket.
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congress passed the financial institutions reform, recovery, and enforcement act.
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growing trends toward bank mergers.
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banking system emerges "stable and healthy"