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Bank of the US
the first bank. the bank recived a charcter in 1791 from congress that was President Washington signed. the bank collected fees and made payments on behalf of the national government. the bank went out becasue state banks opposed it and tehy thought that it gave to much power to the national government. -
Second bank of the US
Second bank of the US. failed because it did not regulate state banks or charter any other banks -
National Banking Act
The natonal banking act made it where banks could have a state or a federal charter and this was called duel banking. -
Civil War(printing currency)
The civil war began and the banks were issuing currency their own currency but with the civil war the federal government printed currency. -
Federal Reserve Act
This is a national bank. the act created the Federal Reserve system. created the start of the centeral bank, which was in charge of monetary policy. -
Great Depression
known as economic depression. It caused all the banks to collapse. FDR made a "Bank Holiday" where the banks would close, it only allowed banks to reopen if the bank could prove that they were finanically stable. -
Glass-Steagall Banking ACt
the act established the federal deposit insurance corportaion which ensured that if a bank goes under you could still have your money. the congress also relaxes restrictons on the banks. -
S&L banks
the congress allows S&L banks to make high risk loans and investments. This caused the investments to go bad, the banks failed, the federal government had to give investors their money back, the federal governments debit was 200 billion dollars and the FDIC took over the S&L. -
Gramm-Leah-Bliley Act
this act allowed banks to have more control over banking, the insurance and security. On the bright side less competion may form a universal bank which may lead to more sharing of information or reduction of privacy.
