1791 Bank of the US
First Bank of the US
Starting with debt
The 1791 bank of the US was made for the purpose of relieving debt from the revolutionary war caused by England
1816 Second Bank of the US
The Second Bank of the U.S. was chartered in 1816 with the same responsibilities and powers as the First Bank. However, the Second Bank would not even enjoy the limited success of the First Bank.
Other large factors in the banking industry
Civil War (printing Currency)
This is important to now know that there can be a universal form of currency which people can barter with
1863 National Banking Act
The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks for banks, and created the United States National Banking System
1913 Federal Reserve Act
An act of congress that created and established the Federal reserve system, the central banking system of the United States of America, and granted it the legal authority to issue Federal reserve notes
Important Banking Movements
1900's Banking
- Great Depression- Roosevelt thought of the FDIC which will insure your money up to $100,000 if the bank fails ($250,000 now)
- Glass- Steagall Banking Act- Seperated investment and commercial aspects of banking
- 1970's- Enforced privacy of people's money in the banks
- 1982- Banks were booming but much like the great depression they began to stumble and take a turn with many government bailouts with the FDIC
- 1999 Gramm- Leach- Bliley Act- Made banks offer loans and allowed people to invest in banks instead of just holding their money