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The First Bank of the United States was a central bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. Establishment of the Bank was included in a three-part expansion of Federal fiscal and monetary power (along with a federal mint and excise taxes) championed by Alexander Hamilton. A central bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government.
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The Second Bank of the United States was chartered in 1816, five years after the First Bank of the United States lost its own charter. Like the First Bank, the Second Bank was also chartered for 20 years, and also failed to have its charter renewed. It existed for 5 more years as an ordinary bank before going bankrupt in 1841.
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Congress decided to authorize Demand Notes to finance the war in 1861. From 1861-1865, Confederate Currency was being printed.
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a United States federal law that established a system of national charters for banks. It encouraged development of a national currency based on bank holdings of U.S. Treasury securities. This was to establish a national security holding body for the existence of the monetary policy of the state.
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Established in December 1913.. it is the act that created the federal reserve system, the central banking system of the United States, which was signed into law by Woodrow Wilson. Also, i regulated banking to help smaller banks stay in business.
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Caused many banks to collapse and shutdown. High poverty rate. No money.. no banking. Stocks lost.
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This act forbade commercial banks from engaging in excessive speculation, added $1 billion in gold to economy and established the Federal Deposit Insurance Corporation (FDIC).
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Congress began relaxing restrictions on the banking industry.
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This was when Congress allowed Savings and Loans banks to make many high risk loans and investments. These banks ended up failing and the federal government had a debt of $200 billion
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Gramm-Leach-Bliley Act
ensure that financial institutions, including mortgage brokers and lenders, protect nonpublic personal information of consumers.
