US Banking

By sebastian5467
  • 1791 – Establishment of the First Bank of the United States

    1791 – Establishment of the First Bank of the United States

    The first central bank of the U.S., created by Alexander Hamilton to stabilize public finances and encourage economic development.
  • 1837 – Panic of 1837

    1837 – Panic of 1837

    A severe economic crisis involving bank failures and widespread economic hardship caused by uncollectible loans, bankruptcies, and monetary policy.
  • 1863 – National Banking Act

    1863 – National Banking Act

    The introduction of a national banking system to create a uniform currency, reduce banking fragmentation, and increase financial stability.
  • 1913 – Creation of the Federal Reserve

    1913 – Creation of the Federal Reserve

    Before the Federal Reserve was created, the U.S. had a fragmented and unstable banking system. Financial crises were frequent, with numerous bank failures damaging the economy. The primary reason for these crises was the lack of centralized control over monetary policy and the money supply.
    The Fed was created largely in response to a period of economic and financial instability, including the Panic of 1907, a market crash that threatened to collapse the entire banking system.
  • 1933 – Glass-Steagall Act

    1933 – Glass-Steagall Act

    A law that separated commercial banking from investment banking to prevent conflicts of interest and systemic risk, in the wake of the 1929 stock market crash.
  • 1971 – End of the Bretton Woods System

    1971 – End of the Bretton Woods System

    President Richard Nixon’s decision to end the gold standard, bringing an end to the Bretton Woods system of fixed exchange rates for major world currencies.
  • 2008 – Global Financial Crisis

    2008 – Global Financial Crisis

    The collapse of major financial institutions, such as Lehman Brothers, due to subprime mortgages and banking sector failures. This led to massive government intervention and reforms like the Dodd-Frank Act.
  • 2010 – Dodd-Frank Wall Street Reform and Consumer Protection Act

    2010 – Dodd-Frank Wall Street Reform and Consumer Protection Act

    A series of regulations designed to prevent another financial crisis, including greater oversight of banking activities, consumer protection measures, and strengthened financial institution supervision.