By: Helen Reid
1791 Bank of US
This was the first bank of the United States, created by Alexander Hamilton. He believed it was necessary in stabilizing and improving the nation's credit, as well as properly handling financial business.
1816 Second Bank of the US
Civil War (printing currency)
1863 National Banking Act
This banking act included two US federal banking acts in which established a system of national banks and created the US national banking system. They encouraged development of a national currency, and shaped the economic structure of modern day banking.
1913 Federal Reserve Act
This act was intended to establish a form of economic stability through the introduction of the Central Bank, and gave the 12 Federal Reserve banks the permission to print money in order to ensure economic stability. Also, they had the power to adjust the discount rate and buy and sell U.S. treasuries.
1930's Great Depression (Banking)
In the 1930's, banks began failing at alarming rates, due to a stock market crash. Thousands of people lost huge amounts of money, and the FDIC was created specifically to make sure that people would feel safe when putting their deposits into their banks.
Glass Steagall Banking Act
Refers to the four provisional categories of the US Banking Act of 1933 that limited commercial bank activities. These categories participated in a long list of security activities as well, but then eventually died out. Also, they created the FDIC.
1970's (regarding banking)
This 1970's repeated a dramatic crash in the stock market.
1982 (regarding banking)
The bank was at it's highest peak in 1988, reaching $54 billion assists as the crisis deepened and led to the first ever operating loss for the FDIC.
1999 Gram Leach-Bliley Act
This act removed barriers in the bank among banking companies, security 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. It was signed by Bill Clinton, and also repealed half of the Glass-Steagall Act.