This will include all of the events that may be the most important for Banking Industry in america. Enjoy going back in time!
1791 Bank of the U.S.
This is the very first bank created by George Washington for the U.S. The bank collected fees to pay off the american revolution battle. But it shortly ended because the people didn't want to give more power to the government.
1816 Bank of the U.S.
This is the second bank of the U.S. At this time state banks were issuing their currency the way they wanted to, so the other states were not in agreement. As a result the 1816 bank failed because it didn't regulate state banks or charter any other banks other than the ones it wanted to.
The Civil War
Before the civil war, the Federal government only made coins, gold and silver. But during the Civil War, the Federal government finally decided to print paper currency.
1863: National Banking Act
This act allowed banks to have duel banking, which means they could have a state or federal charter.
1913 Federal Reserve Act
This law created our National Bank under the presidency of Winston.
1930's Great Depression
During the Great Depression, President Franklin D. Roosevelt closed all of the banks and called it a "Bank Holiday." The rule was that they could reopen if they could prove that they were financially stable.
Glass-Steagel Banking Act
This law established the Federal Deposit Insurance Corporation. This law also ensured the citizens money. So if a bank collapsed, the people would still receive their money.
In this time era, Congress finally releases some of the rules and regulations on banks.
Congress allows S&L banks to make high risk loans and investments, but the investment went bad and banks eventually started failing because of it. The Federal government ended up having to pay back the investors, went into debt by 200 billion.
1999 Gramm-Leach-Bliley Act
This law allowed banks to have more control over security, insurance, and banking.