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The Bank of North American was created to handle the finacial needs of the the government of the newly formed country. Before that 13 states, each of those has their own bank and use their own currency
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History of Banking Industry Timespan
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On a vote of 65 to 64 in favor of cancelling by the House of Representatives. Therefore the charter was not renewed.
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After the 5 years, the U.S congress issued a charted for the Second Bank of America to replace the First Bank of America
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After Andrew Jackson takes office, senator failed to renew the bank charter.
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New York adpoted a free banking act which allows everyone to engages in Banking. Before that citizens were strictly restricted. This act quickly spreaded to many other states creating crises. Bank notes were issued with little to no security, credits were overused.
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After the crises in 1838, The second Bank of American did not last long.
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The U.S congress passed the National Banking Act to correct the aftermaths of the Free Banking Act. Thest banks were authorized by the government to issues national bank notes.
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The Federal Reserve Act created a system to stabilize the banking system.
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The Glass-Steagall Act act was created to separated investment and commercial banking activities. Commercial banks were accused of being too speculative before the epression era, because they were buying new issues for resale to the public.
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Act which requires that all banks and all institutions that accept deposits from the public make periodic reports to the Federal Reserve System. Starting in September 1981, the Fed charged banks for a range of services that it had provided free in the past, including check clearing, wire transfer of funds and the use of automated clearinghouse facilities.
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