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It loans money to federal and state government as well as to Philadelphia business.
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The First Bank of the United States was needed because the government had a debt from the Revolutionary War, and each state had a different form of currency.
http://www.ushistory.org/tour/first-bank.htm -
The Second Bank of the United States was chartered for many of the same reasons as its predecessor, the First Bank of the United States.
http://www.ushistory.org/tour/second-bank.htm -
This wealthy banker launches the first inverse banking firm in the US.
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The National Bank Act of 1863 was designed to create a national banking system, float federal war loans, and establish a national currency.
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McCulloch v. Maryland (1819) the Supreme Court ruled that Congress had implied powers under the Necessary and Proper Clause of Article I, Section 8 of the Constitution to create the Second Bank of the United States and that the state of Maryland lacked the power to tax the Bank.
https://www.thirteen.org/wnet/supremecourt/antebellum/landmark_mcculloch.html -
It starts from the stock market and the bank system crashed. Americans withdraw deposits from bank and then the Great Depression happened.
https://www.history.com/topics/great-depression -
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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Signed by President Franklin D. Roosevelt on March 9, 1933, the legislation was aimed at restoring public confidence in the nation’s financial system after a weeklong bank holiday.
https://www.federalreservehistory.org/essays/emergency_banking_act_of_1933 -
Federal Deposit Insurance Corporation (FDIC), independent U.S. government corporation created under authority.
