Timeline of the US Banking Industry
Civics Module 13 Lesson 2 Assignment
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.
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.
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.
This act gives banks more power over banking and insurance yet also decreases competition among banks.