Timeline of the US Banking Industry
Civics Module 13 Lesson 2 Assignment
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.
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.