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In 1971, Congress set up the bank of the United States, granting it a 20-years charter to operate. (http://teachingamericanhistory.org/static/convention/map/1stbank.html)
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Despite the Bank's help in developing the economy, Republicans oppose a national bank, and in 1811 the charter for the Bank of the United States runs out.
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To eliminate this financial chaos, Congress chartered the Second Bank of the United States in 1816.
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After the second Bank is chartered, Maryland attempts to tax the Bank in order to drive it out of the state. James McCulloch, the Bank cashier, refuses to pay the tax, and the conflict is resolved in the Supreme Court. (https://study.com/academy/lesson/the-case-of-mcculloch-v-maryland-summary-decision-significance.html)
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Although the charter for the BUS is not up for renewal until 1836, President Andrew Jackson, who sees the Bank as undemocratic, vetoes a bill to renew the charter four years early. (https://www.wsj.com/articles/SB122360636585322023)
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As the Union battles the Confederacy in the Civil War, the war grows increasingly expensive, with no clear tax program in place to finance it.
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Under President Woodrow Wilson, who hopes to restore the national economy, Congress passes the Federal Reserve Act in 1913.
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The Glass–Steagall Act of 1933 was passed in reaction to the collapse of a large portion of the American commercial banking system in early 1933. (https://www.newyorker.com/business/currency/what-would-be-wrong-with-trump-restoring-glass-steagall)
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in June 1933, over Roosevelt's objections, Congress created the Federal Deposit Insurance Corporation (FDIC), which insured deposits for up to $2,500 beginning January 1, 1934. (http://voices.washingtonpost.com/securityfix/2009/11/fdic_uptick_in_money_mule_scam.html)
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The Banking Act of 1935 strengthened the powers of the Federal Reserve Board of Governors in the area of credit management.
