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First bank of the United States
The first bank in the United States was built in 1791, the 15th of February, located in Philadelphia. -
Bank charter renewal fails
Congress refuses to renew the bank's charter after the government has paid off the debt. -
Second bank of the united states
Many debts started to gather together again, along with the war of 1812. -
State banks started to have an effect
State-chartered banks and "free banks" takes hold during this period, issuing their own notes. -
Clearinghouse formed
New York Clearinghouse Association was created so that the city's banks can exchange checks. -
First Depression
After a bank panic, which caused a depression in the economy, stabilizes only with the help of financial mogul J.P. Morgan. -
Emergency Currency
The Aldrich-Vreeland Act allows banks to provide emergency currency during crises. -
District Bank
By aiding the flow of goods to Europe, the Fed indirectly assists in financing World War one. -
Korean War
As the Korean War breaks out, the Fed faces pressure to maintain low interest rates to support the war. -
Paul Volcker
Paul Volcker takes over as Fed chairman. -
Law Replacement
The Gramm-Leach-Bliley Act is passed, overturning Glass-Steagall and allowing banks to offer loans. -
9/11 Attack
After terrorist attacks on the world trade center, The Federal Reserve System is open and operating. The discount window is available to convert assets to cash. -
Ben Bernanke
Ben Bernanke takes office as chairman on Feb,1. 14-year Term -
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