Timeline for Banking Industry
by Tremel Davis
The First Bank's Charter was drafted in 1791 by Congress & signed by Washington
In McCulloch v. Maryland (1819) the Supreme Court voted to uphold the Second Bank as constitutional.
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.
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.
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It repealed part of the Glass Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited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.