Timeline for Banking Industry

by Tremel Davis

1791 Bank of the US

The First Bank of the United States was needed because the government had a debt from the Revolutionary War, and each state had a different form of currency.

The First Bank's Charter was drafted in 1791 by Congress & signed by Washington

1816 Second Bank of the US

The Second Bank of the U.S. was chartered in 1816 with the same responsibilities and powers as the First Bank.

In McCulloch v. Maryland (1819) the Supreme Court voted to uphold the Second Bank as constitutional.

Civil War ( Printing Currency )

To pay for the war, the Confederate government issued a vast array of paper currencies, their is at least 70 different currencies.

1863 National Banking Act

They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established the Office of the controller of the currency as part of the United States Department of the Treasury and authorized the Comptroller to examine and regulate nationally chartered banks.

1913 Federal Reserve Act

Known as the time as the Currency Bill, or the Owen-Glass Act. The bill called for a system of eight to twelve mostly autonomous regional Reserve Banks that would be owned by commercial banks and whose actions would be coordinated by a committee appointed by the President.

1930's Great Depression

Was the deepest and longest-lasting economic downturn in the history of the Western industrialized world. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors.

Glass Sea gall Banking Act

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.

1970's Regarding Banking

By 1975, as recession enveloped the American economy, the banks that marketed New York’s debt (and owned a great deal of it) became increasingly wary about the city, as did investors around the country.

1982 Regarding Banking

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.

1999 Gramm-Leach-Bliley Act

It repealed part of the Glass Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investments bank, a commercial bank, and an insurance company.