Module 13 Lesson 2 Assignment

1791 Bank of the US

Washington signed a charter from congress to create the bank. The bank could collect fees and make payments for the federal government. State banks didn't like it because they believed it gave them to much power, so the bank went away.
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1816 Second Bank of the Us

Was chartered in 1816. Didn't work because it didn't regulate state banks chartered other banks. State banks began making their own of money.
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Civil War (printing currency)

The government didn't start making paper money until the civil war.
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1863 National Banking Act

Act helped create a system of national banks, created a constant national currency, and helped finance the civil war.
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1913 Federal Reserve Act

Formed the Federal Reserve.
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1930's Great Depression (regarding banking)

The Great Depression was when the economy was horrible and the banks began to fail/fall, Franklin D Roosevelt declared a "bank holiday" where all the banks closed down and only allowed to open if they could prove/show they had enough money to do so.
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Glass-Steagall Banking Act

Began the Federal Deposit Insurance Corporation, so that if a bank collapses, you don't lose the monies you put in.
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1970's (regarding banking)

Congress relaxes restriction on banks
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1982 (regarding banking)

Banks were making high risk investments and loans. When the investments failed, the banks went under and the federal government ended up in debt to the people. They owed about $200 billion dollars.
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1999 Gramm-Leach-Bliley Act

The act gave banks more control over things like banking, insurance, and securities. May also lead to less competition and less privacy.
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