Timeline of the US Banking Industry

Civics Module 13 Lesson 2 Assignment

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1791

The First Bank of the United States is Created

First official national bank created by the United States Congress. Approved by the President (Washington) in 1791. Succeeded by the Second Bank of The United States

1816

Second Bank of the United States Succeeds the First Bank of the United States

The second national bank authorized by the US. It was modeled on the ideas of Alexander Hamilton. It lasted from 1816 to 1836. One major issue was that it didn't regulate state banks.

1861-1865

The Civil War

The Civil War was the first time the government started printing currency.

1863

National Banking Act

Created a new national banking system with state & federal charters.

1913

Federal Reserve Act

This established the Federal Reserve system, national bank, and officially legitimized the US dollar.

1930s

The Great Depression

Banks essentially collapsed and were not allowed to re-open until they were actually stable.
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1933

Glass Steagall Act

This act essentially guaranteed the safety of money in banks, and that even if the banks collapsed customers would have insurance and wouldn't lose their money.

1970s

Banking in the 1970s

Restrictions on banks are relaxed.

1999

Gramm-Leach-Bliley Act

This act gives banks more power over banking and insurance yet also decreases competition among banks.