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Bank of North America
The Congress of the Confederation created the Bank of North America in Philadelphia -
The Bank of New York
The Bank of New York was founded by Alexander Hamilton -
First Bank of the United States
The First Bank of the United States was founded by Alexander Hamilton in 1791, but its charter ended in 1811 and was not renewed -
Second Bank of the United States
The Second Bank of the United States was founded by President James Madison in Philadelphia from 1816 to 1836 when its charter expired -
Free Banking Era
The Free Banking Era was where bank notes had little to no security, credit was over expanded, and depressions which caused banks to fail -
National Banking Acts
The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks, and created the United States National Banking System -
Financial Panics
From 1873 through 1907 financial panics continued even after the National Banking Acts -
Worst Depression America had seen
A banking panic in 1893 triggered the worst depression America had ever seen -
Federal Reserve System is Created
Federal reserve System is created -
Great Depression
1929 the stock market crashed, which led to the Great Depression -
Banking Act
in reaction to the Great Depression, Congress passed the Banking Act of 1933 which separated commercial and investment banking -
Treasury Accord
The Treasury Accord took out the Fed's obligation to monetize the debt of the treasury at a fixed rate and became essential to the independence of central banking -
Inflation and Deflation
1970s showed a huge increase in inflation and took a decade to bring it back down out of double digits -
Economic Expansion
The 1990s were a time of huge economic expansion and financial prosperity -
Healthy Economy
The economy had lowered mortgage rates which made houses more affordable