TimeLine

By Brad Funk

1791 Bank of the US

The First National Bank was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first Secretary of the Treasury. Hamilton believed a national bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted constitution.

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1816 Second Bank of the US

The Second Nation Bank was the second federally authorized Hamiltonian National Bank. The bank handled all fiscal transactions for the U.S. Government and was accountable to Congress and the U.S. Treasury.

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Civil War (printing currency)

Prior to the Civil War, banks printed paper money. For America's first 70 years, private entities, and not the federal government, issued paper money. Notes printed by state-chartered banks, which could be exchanged for gold and silver, were the most common form of paper currency in circulation.

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1863 National Banking Act

The National Banking Acts of 1863 was a United States federal banking act that established a system of national banks for banks and created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established the Office of the Comptroller of the Currency as part of the United States Department of the Treasury and authorized the Comptroller to examine and regulate nationally chartered banks. The Act shaped today's national banking system and its support of a uniform U.S. banking policy.

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1913 Federal Reserve Act

The 1913 Federal Reserve Act was an Act of Congress that created and established the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes and Federal Reserve Bank Notes as legal tender.

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1930’s Great Depression (regarding banking)

One immediate result of bank closures was the contraction of the money supply. With less money in circulation, the purchasing power of consumers was sharply reduced.
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Glass-Steagall Banking Act

It limited commercial bank securities activities and affiliations within commercial banks and securities firms.
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1970’s (regarding banking)

It requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.

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1982 (regarding banking)

It describes the severe global economic recession affecting much of the developed world in the late 1970s and early 1980s.

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1999 Gramm-Leach-Bliley Act.

It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.

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