Early History of the Federal Reserve Bank

By lpulverenti

  • Congress establishes the 1st Bank of the United States

  • Congress charters 2nd Bank of the United States

  • 2nd Bank of the United States charter expires

  • National Banking Act of 1863

    Providing for nationally chartered banks, whose circulating notes had to be backed by U.S. government securities.

  • Sever banking panic

  • Aldrich-Vreeland Act

    Provided for emergency currency issue during crises. It also established the national Monetary Commission to search for a long-term solution to the nation’s banking and financial problems.
  • Federal Reserve Act

    Federal Reserve Act

    The Federal Reserve Act of 1913 established the Federal Reserve System as the central bank of the United States to provide the nation with a safer, more flexible, and more stable monetary and financial system.
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  • 12 regional bank locations chosen

    12 regional bank locations chosen

  • Period: to

    The Great Depression

  • Glass-Steagall Act

    The Glass-Steagall Act effectively separated commercial banking from investment banking and created the Federal Deposit Insurance Corporation, among other things. It was one of the most widely debated legislative initiatives before being signed into law by President Franklin D. Roosevelt in June 1933.
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  • Banking Act of 1935

    Created Federal Market Open Committee