History of Banks

  • Federalists vs. Antifederalists

    Federalists vs. Antifederalists
    The nation has no reliable medium of exchange. Federalists and Antifederalists disagrss about a banking system.
  • First Bank

    First Bank
    First Bank of the U.S. is established.
  • Period: to


    Period of instability follows expiration of First Bank's charter.
  • Second Bank

    Second Bank
    Second Bank of the United States reestablishes stability.
  • Period: to

    Jackson Vetoes Rechater

    Pres. Jackson vetoes recharter fo Second Bank in 1832, giving rise to Free Banking Era.
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    Civil War - Need for Better Banking

    Civil war makes clear the need for a better monetary and banking system.
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    National Banking Acts

    National Banking Acts of 1863 and 1864 establish national banking system and uniform national currency.
  • Bank of Italy

    Bank of Italy
    Bank of Italy set up by Giannini.
  • Earthquake and Fire

    Earthquake and Fire
    San Francisco - there was an earthquake and a fire and the bank vault survived. The money was still safe inside.
  • Panic of 1907

    Panic of 1907
    Panic of 1907 leads to creation of the Federal Reserve System.
  • Pres. Signs FRA

    Pres. Signs FRA
    President Wilson signs the Federal Reserve Act.
  • Great Depression

    Great Depression
    The Great Depression begins.
  • Wall Street Crash

    Wall Street Crash
    Wall Street Crash - caused high unemployment, poverty, low profits, and deflation.
  • Bank of America

    Bank of America
    Giannini changed Bank of Italy into Bank of America.
  • Roosevelt Establishes FDIC

    Roosevelt Establishes FDIC
    Pres. Roosevelt helps restore confidence in the nation's banks by establishing the FDIC.
  • Period: to

    Gov't Regulation

    Period of government regulation and long-term stability.
  • Period: to

    New Laws Clear Rights of Banks

    New laws make clear the rights and responsibilities of banks and consumers.
  • Deregulation

    Period of Deregulation; S&Ls face bankruptcies.
  • Bank Systems Stable and Healthy

    Bank Systems Stable and Healthy
    After two decades of mergers, the banking system emerges stable and healthy.