United States Banking Industry
Bank of the U.S. 1791
initiated by Alexander Hamilton and established in 1791. The bank's first problem was constraining economic development. Later on the bank's charter was renewed in 1811, five years later The Second Bank of America was formed.
Second bank of the U.S. 1816
Was formed after The First Bank of The U.S. new controversy despite the U.S. Supreme court. When Andrew Jackson became president all the federal funds were removed from the bank; this ceased all operations, after his charter expired.
Civil war (printing currency) 1860's
national currency was attempted in the early days of the Civil War when Congress gave approval during the Legal Tender Act of 1862. This would allow an issue $150 million in national notes. This would be known as greenbacks and mandating that paper money be issued in lieu of gold and silver coins.
National banking act 1863
The National Bank Act of 1863 created as a national banking system, float federal war loans, and to create a national currency. Congress then passed the act resolve the financial crisis that surfaced during the days of the American Civil War. Later on the Government responded by passing the Legal Tender Act of 1862, issuing $150 million in national notes called greenbacks.
Federal reserve act 1913
The Federal Reserve Act designed a system of private and public entities; their were 8 to 12 private Federal Reserve banks. each had many different branches, a board of directors, and district boundaries. The President of the United States, confirmed by the U.S. Senate In 1935, the Board was renamed and restructured.
Great depression act 1930's
Our stock market crashed causing an end to an era of unprecedentedly prosperity. Some believe this was caused by the unfairly distribution of money to the wealthy during the 1920's. Then you have others who blame the national fluctuation caused by world war 1. Our country very devastated from this national crash a very unprepared, not helping the fact the government offered no help.
Glass-steagall banking act 1933
The Glass–Steagall Act used to refer to the entire Banking Act of 1933. In the early 1960s, federal banking regulators interpreted provisions of the Glass–Steagall Act permited commercial banks to expand the list and volume of security levels.
Bank secrecy 1970's
As of 1970, congress passed the Bank secrecy. This created the first law to fight money laundering in the U.S. Now BSA requires any businesses to keep all records and file reports that are directed to high degree of usefulness in criminal, tax, and regulatory matters. Businesses under this law are required to use law enforcement agencies.
Garn-St. Germain Depository Institutions Acts
This act allowed banks to provide adjustable mortgage loans. Whether the act contributed a factor i the saving crisis loans, it disputed mitigating. The industry strengthened with financial stability, home mortgage, lending institutions and ensuring the availability of home mortgage loan.
Gramm-leach-bliley act 1999
This act also known as the financial services modernization act of 1999. Gramm-leach-bliley act removed barriers in the banking companies, security companies and insurance companies. This prohibited any institution from acting as though they had any combination of an insurance company, investment bank, or commercial bank.