Banking Industry in the US
1791 Bank of the US
The first Bank of the United States was created because the government had debt from the Revolutionary War. The bank was drafted in 1791 by congress and signed by George Washington in 1811.
1816 Second Bank of the US
The second bank of the United States was made because of the debt left from the War of 1812. Inflation shot up due to the increased amount of notes issued by private banks.
Civil War (printing currency)
To pay for the war the Confederate government used about seven different types of paper money.
1863 National Banking Act
Banks could have a state or federal charter
1913 Federal Reserve Act
The act that created the current federal reserve system
1930's Great Depression (regarding banking)
Caused the banks to collapse. Banks would only reopen once they were financially stable.
Glass-Steagall Banking Act
This act established the Federal Deposit Insurance Corporation which insures that if a bank goes under you will still get your money.
1982 (regarding banking)
Congress allows S&L banks to make high risk loans and investments.
1999 Gramm-Leach-Bliley Act
Allows banks to have more control over banking, insurance and securities.