Changes In US Banking Timeline
By: Spencer Lynch
First Bank of the US - 1791
-The bank was ended because state banks felt that it had too much power
-Macula vs. Maryland when Maryland tried to tax the national bank
-Government deserved a national bank
Second Bank of the US - 1816
-Failed because many states were printing their own currency
-Government didn't print currency until the civil war
Civil War - April 12, 1861 - May 9, 1865
-Back by the government's credibility not by gold or silver
-South had 70+ types of currency which were basically I.O.U.s
-Caused inflation and contributed to the loss in the civil war
The National Banking Act - 1863
-Allowed separation between federal and state banks
The Federal Reserve Act - 1913
-The Federal Reserve
Great Depression Causes Collapse of Banks - 1930's
-Bank holiday closed all nations banks and allowed only stable banks to reopen
-Glass-Steagall Banking Act
Glass-Steagall Banking Act - Developed over time, initialized in 1930's
-Established FDIC (Federal Deposit Insurance Corporation)
-Protected money in banks up to $100,000
-Caused increase in bank trust
-Separated commercial and investment banking
Congress Beings To Relax Restrictions On Banking - 1970's
-Contributed to economy downfall in 2000's
Bank Changes - 1982
-Banks failed
-Government had to reimburse investors 200B
-FDIC takes over the savings and loans banks
Gramm-Leach-Bliley Act - 1999
-Banks given more control over banking, insurance, and securities
-Non-commercial banks could act as investment banks