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1st Bank of the United States
Created after the Revolutionary War and the US' debt, in order to stabilize the economy and standardize currency. Many were opposed to the national government gaining so much power. -
2nd Bank of the United States
Followed the first Bank after charter ran out in 1811. -
National Bank Act
The National Bank Act of 1863 was designed to create a national banking system, take care of war debt, from the civil war especially, and establish a common national currency. -
Federal Reserve Act
Created the Federal Reserve System - the central banking system of America - created a national currency, and a system equipped to deal with the monetary stresses of the US. -
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1930's Great Depression
Depositors simultaneously lost confidence in the banks and demanded that they get their money in cash immediately. This panic caused hundreds of banks to fail within minutes.. The final wave of panics culminated with the national “bank holiday” declared by President Franklin D. Roosevelt on March 6, 1933. The bank holiday closed all banks, and they were permitted to reopen only after proving their stability. -
Glass-Steagall Act
The Act separated commercial and investment banking, created the Federal Deposit Insurance Corporation, which guaranteed bank deposits up to a limit. The Act also created the FOMC. It's goals were to stop the run on banks and restore confidence in the banking system. -
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The 1970s
Banking liberalization and deregulation led to many beneficial results in out economy, including decreased unemployment. The deregulation of national banks also showed how affected local banks were affected by such things. -
Crisis of 1982
There was a severe recession in the United States that began in July 1981 and ended in November 1982.The primary cause was a monetary policy established by the Federal Reserve System to control high inflation. In the wake of the 1973 oil crisis and the 1979 energy crisis, stagflation began to afflict the economy of the United States. -
Gramm-Leach-Billey Act
Known as the Financial Services Modernization Act of 1999, the act repealed part of the Glass-Steagall Act and removed barriers in the market between banking, securities, and insurance companies, allowing them to consolidate.
