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"The First Bank" built in Philidelphia, was meant to help standardize the currency system and help recover from the revolutionary war debt.
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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
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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
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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.
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This act set up the federal reserve system and granted it the right to produce Federal Reserve Notes.
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9000 banks failed during this decade and $140 Billion dollars disapeared.
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Prohibits commercial banks from engaging in the investment business.
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Bank Secrecy Act help prevent money laundering. THe 1970's saw high infaltion, high rates, and many bank failures.
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747 savings and loan associations failed due not being able to support the loans they gave out.
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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.
