Module 13 Lesson 2 Assignment
1816 Bank of the US
Similar to the First Bank of the US, the Second Bank of the US was also given a 20 year charter, and lasted from 1816 to 1836. The bank owner and Henry Clay clashed over the idea of hard-money vs soft-money, and it led to the demise of the bank, and it was not renewed.
1791 Bank of the United States
Otherwise known as the First Bank of the United States, Alexander Hamilton made an effort to open the bank, and believed that it was necessary to help the United States' credit situation and to reestablish the economy. The bank was chartered for 20 years, and in 1811, the bank was denied for renewal.
Civil War Currency
Since the confederate government did not have any gold or silver, they collected donations in paper money, over 70 different kinds totaling 1.5 billion dollars. The paper money was seen as a loan, and they would pay the gold eventually.
1863 National Banking Act
The act established the system of federal banking, and created the national banking system. The act would shape the way national banking is done throughout history, and even today.
1913 Federal Reserve Act
Created the federal reserve system, and aimed to get economic stability through the introduction of a central bank.
In October of 1929, the stock market crashed, and many people wanted to get their money from the banks, but the banks were closing because they did not have enough money in the building. Many people lost their jobs and went homeless, but FDR's New Deal polices aimed to rectify the situation, and he issued a 4 day banking holiday to let the banks regroup.
Formally the US Banking Act of 1933, limits on the bank securities activities, and affiliations within commercial banks and securities firms.
A series of economic crisis's
A period of banking crisis plagued much of Reagan's early term.
1999 Gramm-Leach-Bliley Act
Attempted to update and modernize the banking industry, and repealed the Glass-Steagal act of 1933 and removed the limitations between banks and securities companies