The History of Banking

The Navigation Act

Sep 1, 1673

History of Banking

Period: Sep 1, 1673 to Sep 13, 2013

The Stamp Act

Mar 22, 1765

The Stamp Act, the first direct tax levied by Parliament on the colonists was passed. An ecomonic boycott led to its repeal.

The Townshed Act

Apr 12, 1770

The Townshed Acts, called "Englands most fateful decision", established a Board of Customs Commissions in Boston.

Declaration of Independence

Jul 4, 1776

The Declaration of Independence was approved.

Bank of North America

Sep 17, 1782

The Bank of North America opened

George Washington

Mar 30, 1789

George Washington was inaugurated as the first President of the United States.

The First Charter

Sep 17, 1791

The First Bank of the United States was chartered by the United States Congress for 20 years.

First Bank

Dec 12, 1791

The First Bank of the United States was opened.

The Bank Tradegy

Mar 4, 1811

The First Bank of the United States is closed permanently.

Second Bank

Mar 10, 1816

The Second Bank of the United States was approved.

Stock Exchange

Apr 17, 1817

The establishment of the New York Stock and Exchange Board

American Civil War

Sep 17, 1862

Abraham Lincoln issued a legal tender paper money called "greenbacks"

National Currency Act

Sep 17, 1864

The National Currency Act, creating a national currency.

Deutsche Bank

Sep 17, 1870

The Deutsche Bank was founded.

Special Payment Resumption Act

Sep 17, 1874

The Special Payment Resumption Act provided for the redemption of United States paper currency ("greenbacks"), in gold beginning in 1879.

Federal Reserve Act

Sep 17, 1913

Federal Reserve Act created the Federal Reserve System, the central banking system of America, and granted it legal authority to issue legal tender.

Crash of 1929

Sep 17, 1930

In the wake of the Wall Street Crash of 1929, 9,000 banks close, wiping out a third of the money supply in the United States

Nixon Shock

Sep 17, 1971

The Nixon Shock was a series of economic measures taken by U.S. President Richard Nixon which canceled the direct convertibility of the United States dollar to gold by foreign nations. This essentially ended the existing Bretton Woods system of international financial exchange.

Credit Crunch

Sep 17, 2007

Start of the Late-2000s financial crisis that saw the a credit crunch that led to the failure and bail-out of a large number of the worlds biggest banks.

2008 Crash

Sep 17, 2008

Washington Mutual collapses, the largest bank failure in history.