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Debate on Banking
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Secretary of the Treasury
President Washington appointed Hamilton as Secretary of the Treasury -
Bank of the United States
Congress set up the Bank of the United States -
Death
Alexander Hamilton died in a famous duel with Vice President Aaron Burr; bank lost its main banker -
Bank's Downfall
Bank's charter ran out -
Second Bank of the United States
Congress chartered the Second Bank of the United States -
Restoring stability
Nicholas Biddle, the Second Bank's president was responsible for restoring stability -
Period: to
Bank's tripled
State chartered banks nearly tripled -
President Jackson's veto
President Jackson vetoed the renewal of the Bank -
Period: to
Free Banking Era
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Severe Panic Occured
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Banks Currency
8,000 diffferent banks were circulating currency -
Civil War Erupted
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First Paper Currency
United States Treasury issued its first paper currency since The Continental -
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National Banking Acts
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Period: to
National Banking Acts
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Gold Standard
Nation adopted a gold standard -
Panic of 1907
Panic of 1907 leads to the creation of the Federal Reserve System -
Panic of 1907
Panic of 1907 leads to the creation of the Federal Reserve System -
Great Depression
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Nation's Banking System
Franklin D Roosevelt acted to restore public confidence in the nation's banking system -
Nation "Bank Holiday"
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Period: to
Closed Banks
Banks were closed -
FDIC
Congress passed the act that established the Federal Deposit Insurance Corporation -
Federal Reserve System
Fdederal Reserve Act established the Federal Reserve System -
Relief for Banks
Banks were eager for relief from federal regulation -
Period: to
Deregulating Industries
Congress passed laws to deregulate several industries -
Long Term Loans
S&Ls had made long term loans at low rates -
Interest rates skyrocketed
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Risky loans
Risky loans were made, forcing many out of business -
FIRREA
Congress passed the Financial Institutuions Reform, Recovery & Enforcement Act -
Period: to
Growing Trend
Growing trend toward bank mergers -
Glass Steagale Act
Congress repealed the 1933 Glass Steagale Act
