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American Revolution
Between 1765 and 1783, the American Revolution took place, the Thirteen Colonies fought bravely to end British aristocracy and found the United States of America. -
First Bank of the United States
In 1791, federalists won the first debate, the congress established the Bank of United States -
The Bank of United States kept running well until 1811, when its charter ran out. Then the state banks took over, which created a great deal of chaos and confusion.
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Second Bank of United States
To avoid the chaos that is created by so many States banks and continue the central bank system, Congress charted the Second Bank of the United States in 1816. -
In 1832, when Congress tried to renew the Bank's charter, President Andrew Jackson vetoed the renewal.
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Free Banking Era
From 1837 to 1863, the state-charted banks flourished once again, the sheer number of banks gave rise to a variety of problems, like bank runs and panics and many different currencies. -
National Bank Act
To avoid all the problems from he state banks, the National Bank Act of 1863 and 1864 gave the federal government the power to charter banks, require banks to hold an adequate amount of gold and silver reserves, and issue a national currency. -
Federal Reserve Act
In 1913, the Federal Reserve Act established the Federal Reserve System, which reorganized the federal banking system to include: 12 federal reserve banks, the federal reserve board, short-term loans and federal reserve notes. -
FDIC
The FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s according to President Roosevelt's introductions. -
A nationwide banking emergency that coincided with the U.S. recession of December 2007 – June 2009 was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities.
