Banking Industry Changes

By: Andrew Agner

1791 Bank of the US

This bank collected fees and made payments for the federal government, but was taken away because state banks thought it gave too much power to government.
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1816 Second Bank of the US

This bank didn't work out because it didn’t regulate state banks or charter any other bank.

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Civil War 1862 (printing currency)

State banks were issuing their own currency, but the government didn’t print paper currency until the Civil War.

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1863 National Banking Act

In this act banks could have a state or federal charter also known as Duel Banking.
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1913 Federal Reserve Act

Signed into law by President Woodrow Wilson, this act put together the Federal Reserve System.
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1930’s Great Depression (regarding banking)

During the Great Depression banks were caused to close as they collapsed. During this the president declared a “bank holiday” where banks closed until they could prove they were back on there feet.

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Glass-Steagall Banking Act, 1970’s (regarding banking)

This act made the Federal Deposit Insurance Corporation. This makes sure that if a bank goes under you will still have your money that you put in that bank.

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1982 (regarding banking)

During 1982 congress allow SandL banks to make risky loans and investments. this made banks fail and the government had to give investors their money back which made the debt even worse as in $200 billion worse.

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1999 Gramm-Leach-Bliley Act

This act lets bank have more control of insurance and securities but means less competition, formation of a universal bank, lead to reducing privacy.

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