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The nation has no reliable medium of exchange. Federalists and Antifederalists disagree about a banking system
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First bank of the United States is established
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700 private banks in the united states
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Period of instability follows expiration of First Bank's charter
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Second bank of the united states reastablishes stability
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President Jackson vetoes recharter of Second Bank in 1832, giving rise to the free banking era
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1600 banks world wide at this tme
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Civil War makes clear the need for a better monetary and banking system
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National Banking Acts of 1863-1864 establish national banking system and uniform national currency
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first federally made currency
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United States adopted the gold standard
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1st time locks used in banks
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Panic of 1907 leads to creation of the Federal Reserve System
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President Wilson signs Federal Reserve Act
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banks gave out loans to high-risk businesses that couldn't pay back loans witch lead to to grat depression
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a severe worldwide economic depression in the decade preceding World War II
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the first bank of america originated in New York, New York
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President Roosevelt helps restore confidence in the nation's banks by establishing the FDIC
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limited commercial bank securities activities and affiliations between commercial banks and securities firms.[
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roosevelt declared a national "bank holiday" and closed the nations banks
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Period of government regulation and long-term stability
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New laws make clear the rights and responsibilities of banks and consumers
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Period of deregulation; S&Ls face bankruptcies
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this act abolished the independence of the savings and loan industry and transfered insurance resopnsibilities to the FDIC
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this action paved the way for banks to sell financial assets such as stocks and bonds while establishing new privacy rules for customer data
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After 2 decades of mergers, the banking system emerges stable and healthy
