Changes to the Banking Industry
1791 Bank of the US.
1816 Second Bank of the US
Civil War (Printing Currency)
The Federal Government decides to print paper currency.
1863 National Banking Act
Banks could have a state or federal charter (duel banking).
1913 Federal Reserve Act
Established the national banks.
1930s Great Depression regarding banking
Glass-Steagall Banking Act and 1970s regarding banking
In the 70s, Congress relaxed restrictions on banks.
1982 regarding banking and the 1999 Gramm-Leach-Bliley Act
The 1999 Gramm-Leach-Bliley Act allows banks to have more control over banking, insurance, and securities. There is a downside, however. Less competition may form a universal bank which made subsequently lead to more sharing of information (reduction of privacy.)