Timeline of the US Banking Industry

Civics Module 13 Lesson 2 Assignment

Big image


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


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.


The Civil War

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


National Banking Act

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


Federal Reserve Act

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


The Great Depression

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


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.


Banking in the 1970s

Restrictions on banks are relaxed.


Gramm-Leach-Bliley Act

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