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1791 Bank of the US
"The First Bank" built in Philidelphia, was meant to help standardize the currency system and help recover from the revolutionary war debt. -
The Second Bank of the US
The second bank handled fiscal transactions for the government and was accountable to congress and the US Treasury. The Second Bank lasted 20 years and went bankrupt -
Civil War (currency)
To pay for the civil war, the government printed currency and sold $5 million in bonds.They also created a national system of currency and a nation wide banking system -
1863 national banking act
It created a nationwide currency of coins and paper money and a nationwide banking system that loaned the government money to pay for the war. -
1913 Federal Reserve Act
This act set up the federal reserve system and granted it the right to produce Federal Reserve Notes. -
1930's Great Depression
9000 banks failed during this decade and $140 Billion dollars disapeared. -
Glass-Steagall Banking Act
Prohibits commercial banks from engaging in the investment business. -
Period: to
1970's Banking
Bank Secrecy Act help prevent money laundering. THe 1970's saw high infaltion, high rates, and many bank failures. -
1982 Banking
747 savings and loan associations failed due not being able to support the loans they gave out. -
1999 Gramm-Leach-Bliley Act
This act allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate, It aslo required financial instituions to explain their information-sharing practices to their customers and to safeguard sensitive data.
