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First Central Bank was establashed in the UK and set a modern model for most central banks.
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The nation has no reliable medium of exchange. The federalists and Anti-Federalists disagree about a banking system.
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First Bank was opened in the US in Philidelphia
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Bank of New York for women opened
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The second bank of the United States reestablishes stability.
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Gold was discovered at Sutter's Mill in California, marking the start of the Gold Rush.
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The Civil War makes clear the need for a better monetary and banking system. "Greenback" was used during the war in the North.
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The National Banking Acts of 1863 and 1864 established a national banking system and uniform national currency.
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Time Locks were invented
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Congress passed the Gold Standard Act which instituted gold as the standard medium of exchange for paper currency.
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The Sixteenth Amendment to the U.S. Constitution is ratified to give Congress the right to collect federal income taxes.
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By 1920, there were almost 30,000 small, "unitary" banks.
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The Federal Reserve increased the money supply by 62%. (Roughly $28 billion)
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Also known as the October 24th Wall Street crash, Black Thursday was the most devastating stock market crash in US history that was thought to be the beginning of the Great Depression.
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Nearly 10,000 US banks fail and workforce approaches 25% unemployment.
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Because of the banking crisis, FDR declared a bank holiday, closing all the country's banks until they could be examined and allowed to reopen.
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The United States ends the domestic gold standard. U.S. currency is no longer equal to or exchangeable for gold.
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President Roosevelt helps restore confidence in the nation's banks by establishing the Federal Deposit Insurance Corporation.
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National City Bank of New York was the first bank in New York City to offer consumer checking accounts with no minimum-balance requirement.
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Checks became easier to process through the Erma system through the 1950s
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Congress passed the UAA that established a needs test and required the government to share 50% of the costs.
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The first automated teller machine (ATM) begins operating in Rockville Centre, N.Y.
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This was a period of deregulation. Savings and loans were previously protected by the government but were not prepared for competition after deregulation.
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Congress passed the Financial Institutions Reform, Recovery, and Enforcement Act that essentially abolished the independence of the savings and loan industry and transferred insurance responsibilities to the FDIC (Federal Deposit Insurance Corporation).
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Congress repealed the 1933 Glass-Steagall Act that paved the way for banks to sell financial assests such as stocks and bonds while establishing new and updated privacy rules for customer data.
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Enron Corporation filed for bankruptcy. It was revealed and confirmed that the Enron Corporation was committing accounting fraud.
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President George W. Bush signed the Financial Services Regulatory Relief Act (designed to reduce the regulatory burdens on banks, savings and loans, and credit unions).
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J.P. Morgan Chase & Co. bought out Washington Mutual (the biggest bank to "fail" in the US) and Bear Stearns (the 5th largest investment bank).
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President Barack Obama and Congress pass the American Recovery and Reinvestment Act that provides tax cuts and federal funds to create new jobs, save existing jobs, and spur economic growth.
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J.P Morgan Chase & Co. reported a record profit of $17.4 billion dollars
