Cash

The History of American Banking

By CharlesKelly
  • Period: to

    No Reliable Medium of Exchange

    Dederalists and Anti federalists disagree about a banking system.
  • Alexander Hamilton is appointed Secretary of the Treasury and he proposes a national bank

    Alexander Hamilton is appointed Secretary of the Treasury and he proposes a national bank

  • First American Bank

    First American Bank

    First bank established in America. Named Bank of America. Est. in Philidelphia, Penn.
  • First Bank loses its charter

    First Bank loses its charter

  • Period: to

    Period of instability follows expiration of First Bank's charter

  • Second Bank of the U.S. reestablishes stability

    Second Bank of the U.S. reestablishes stability

  • Period: to

    President Jackson vetoes recharter of Second Bank in 1832, giving rise to Free Banking Era.

  • Gold is Found in Calif.

    Gold is Found in Calif.

    Gold is discovered in Sacramento, California. This starts the Gold Rush and develops western America.
  • Period: to

    Civil War makes clear the need for a better moonetary and banking system

  • National Banking Acts of 1863 and 1864

    National Banking Acts of 1863 and 1864

    Gives federal government the power to:
    charter banks
    require banks to hold adequate gold and silver reserves to cover their bank notes
    to issue a single national currency
  • Period: to

    National Banking Acts of 1863 and 1864 establish national banking system and uniform national currency

  • Timelock on Vaults

    Timelock on Vaults

    Timelocks on vaults are made to secure them even more than before
  • Earthquake and Firestorm in Calif.

    Earthquake and Firestorm in Calif.

    In Sanfransisco, California an earthquake occurs followed by an intense firestorm. This sealed vaults and banks for days. The money was soon saved, as it had survived the events.
  • Panic of 1907 leads to creation of the Federal Reserve Act

    Panic of 1907 leads to creation of the Federal Reserve Act

  • Federal Reserve Founded

    Federal Reserve Founded

    Federal Reserve is formed to guarantee people $100,00 even if a bank goes under.
  • President Wilson signs the Federal Reserve Act

    President Wilson signs the Federal Reserve Act

  • The Great Depression Begins

    The Great Depression Begins

  • President Roosevelt helps restore confidence in the nation's banks by establishing the FDIC

    President Roosevelt helps restore confidence in the nation's banks by establishing the FDIC

  • Banks will be heavily regulated through the 60's due to Great Depression

    Banks will be heavily regulated through the 60's due to Great Depression

  • Period: to

    Period of government regulation and long-term stability

  • Banks become eager for relief from federal regulation

    Banks become eager for relief from federal regulation

  • The savings and loan crisis

    The savings and loan crisis

  • Period: to

    New laws make clear the rights and trsponsibilities of banks and consumers

  • The Nixon Shock cancelled the direct convertibility of the U.S. dollar to gold by foreign nations

    The Nixon Shock cancelled the direct convertibility of the U.S. dollar to gold by foreign nations

  • Congress basses laws to deregulate several industries

    Congress basses laws to deregulate several industries

  • Period: to

    Period of deregulation; S&Ls face bankruptcies

  • The "Big Bang" served as a catalyst to reaffirm London's position as a global centre of world banking

    The "Big Bang" served as a catalyst to reaffirm London's position as a global centre of world banking

    Deregulation of London Financial markets
  • Congress passes the FIRREA

    Congress passes the FIRREA

  • Congress repeals the 1933 Glass Steagall Act

    Congress repeals the 1933 Glass Steagall Act

  • Period: to

    After two decades of mergers, the banking system emerges stable and healthy

  • Eurocheque System is Phased Out

    Eurocheque System is Phased Out

    Replaced with domestic checking systems
  • Banks begin to give out more loans to potential home owners

    Banks begin to give out more loans to potential home owners

    Housing prices begin to rise
  • Washington Mutual Collapses

    Washington Mutual Collapses

    Largest bank failure in history
  • Collapse of Bear Stearns to JP Morgan Chase

    Collapse of Bear Stearns to JP Morgan Chase

  • Collapse of Jehman Brothers

    Collapse of Jehman Brothers

    Leads to global banking crisis