Fed

Module 13 - Changes to the banking industry in the United States

By 9200772
  • Bank of the US--First Try

    Bank of the US--First Try

    Under George Washington the first National Bank was chartered. Failed due to state banks believing this gave the federal government too much power.
  • Bank of the US--Take Two

    Bank of the US--Take Two

    Chartered under James Madison, the second bank of the US failed due to lack of regulating state banks and not chartering other banks
  • Civil War

    Civil War

    The Civil War is when the US first started printing currency.
  • National Banking Act

    National Banking Act

    Allowed for duel banking--banks can get a charter from either state or federal bank. They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established the Office of the Comptroller of the Currency as part of the United States Department of the Treasury and authorized the Comptroller to examine and regulate nationally chartered banks. The Act shaped today's national banking system and its support of a uniform U.S. banking policy.
  • Federal Reseve Act --Take 3

    Federal Reseve Act --Take 3

    The 1913 U.S. legislation that created the current Federal Reserve System. The Federal Reserve Act intended to establish a form of economic stability through the introduction of the Central Bank, which would be in charge of monetary policy, into the United States.
    Federal Reserve Act Signed by President WilsonCreated the Federal Reserve (national bank)
  • Great Depression

    Great Depression

    Banks collapse. FDR declares banks "on holiday" (basically closing them) until they can prove that they are financially stable.
  • Glass-Steagall Act

    Glass-Steagall Act

    Established the Federal Deposit Insurance Corporation (FDIC) which ensured that if a bank closed that people could be reimbursed up to $100,000
  • Government Relaxes

    Government Relaxes

    In the 1970s, Government relaxes its regulations and restrictions on banks. Some brokerage firms begin encroaching on banking territory by offering money-market accounts that pay interest, allow check-writing, and offer credit or debit cards.
  • Saving and Loaning Banks

    Saving and Loaning Banks

    Government allows saving and loaning banks to make high risk loans and investments. Ultimately failed, banks collapsed, federal government had to pay investors back. The debt for federal government $200 billion.
  • Gramm-Leach-Bliley Act

    Gramm-Leach-Bliley Act

    Allows banks to have more control over banking, insurance and securities. Caused less competition and a reduction of privacy