Timeline events

Changes to the banking industry in the United States

1791 Bank of the US

collected fees & made payments on behalf of the federal government.

Bank went away because state banks opposed it.

Thought it gave too much power to national government.

1816 Second Bank of the US

This failed because it did not regulate state banks or charter any other bank.

Civil War (Printing Currency)

Federal government didn't print paper currency until the civil war.

1863 National Banking Act

Banks could have a state or federal charter

1913 Federal Reserve Act

National Bank

1930's Great Depression (regarding banking)

Bank holiday where banks are closed was declared.

Only allowed to reopen if they proved they were financially stabled.

Glass-Steagall Banking Act

This Act established the Federal Deposit Insurance Corporation.

Makes sure that if a bank goes under, you still have your money.

1970's regarding banking

Congress relaxes restrictions on banks.

1982 regarding banking

Congress allows S&L banks to make high risk loans and investments.

1999: Gramm- Leach- Bliley Act

Allows banks to have more control over banking, insurance a d securities.