Changing Banking Industry
1791 Bank of the US
The President, Directors and Company, of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of America, the nation's first de facto central bank.
1816 Second Bank of the US
The Second Bank of the United States, located in Philadelphia, Pennsylvania was the second federally authorized Hamiltonian National Bank. A private corporation with public duties, the bank handled all fiscal transactions for the U.S. Government, and was accountable to Congress and the U.S. Treasury. Twenty percent of its capital was owned by the federal government, the bank's single largest stockholder
Civil War (Printing Currency)
1863 National Banking Act
The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks for banks, and created the United States National Banking System.
1913 Federal Reserve Act
The Federal Reserve Act is 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 (now commonly known as the US dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson.
1930's Great Depression (regarding banking)
The United States experienced widespread banking panics in the fall of 1930, the spring of 1931, the fall of 1931, and the fall of 1932. The final wave of panics continued through the winter of 1933 and culminated with the national "bank holiday” declared by President Franklin D. Roosevelt on March 6, 1933.
Glass-Steagall Banking Act
The term Glass–Steagall Act usually refers to four provisions of the U.S. Banking Act of 1933 that limited commercial bank securities activities and affiliations within commercial banks and securities firms. Congressional efforts to “repeal the Glass–Steagall Act” referred to those four provisions (and then usually to only the two provisions that restricted affiliations between commercial banks and securities firms). Those efforts culminated in the 1999 Gramm-Leach-Bliley Act (GLBA), which repealed the two provisions restricting affiliations between banks and securities firms.
1970's (regarding banking)
Secondary banks, like the larger institutions, had been lending based on the then recently rising housing prices in the late 1960s and early 1970s, and borrowing heavily to hold the loan assets. The rise in housing prices was seen as the last hurrah of the British Post-War boom. A sudden downturn in housing market prices coupled with hikes in interest rates, well before the November oil shock, left these smaller institutions holding many loans secured by property with lower value than the loans.
1982 (regarding banking)
The Crisis of 1982 was a major economic crisis suffered in Chile. The crisis took place during the time of the Chilean military dictatorship following years of radical neoliberal reforms when but one non-neoliberal measure was enacted in 1979 by fixing the peso's exchange rate. The 1982 crisis was the worst economic crisis in Chile since the 1930's. The GDP of Chile retracted 14.3% and unemployment rose to 23.7%.