EVENTS IN HISTORY
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 North America, the nation's first de facto central bank.
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. They encouraged development of a national currency backed by bank holdings of U.S.
1913 Federal Reserve Act
The 1913 Federal Reserve Act was a U.S. legislation that created the current Federal Reserve System. The Federal Reserve Act intended to establish a form of economic stability through the introduction of the Central Bank, which would be in charge of monetary policy, into the United States.
1930’s Great Depression
By 1933, 11,000 of the nation’s 25,000 banks had disappeared. The run on America’s banks began immediately following the stock market crash of 1929. Overnight, hundreds of thousands of customers began to withdraw their deposits. With no money to lend and loans going sour as businesses and farmers went belly up, the American banking crisis deepened.
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 1930s. The GDP of Chile retracted 14.3% and unemployment rose to 23.7%
1999 Gramm-Leach-Bliley Act.
The Gramm-Leach-Bliley Act of 1999 was a regulation that Congress passed on November 12, 1999, which attempts to update and modernize the financial industry. The main function of the Act was to repeal the Glass-Steagall Act that said banks and other financial institutions were not allowed to offer financial services, like investments and insurance-related services, as part of normal operations.