Banking Industry in the US

Austin Cooper

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.
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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.
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Civil War (printing currency)

To pay for the war the Confederate government used about seven different types of paper money.
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1863 National Banking Act

Banks could have a state or federal charter
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1913 Federal Reserve Act

The act that created the current federal reserve system
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1930's Great Depression (regarding banking)

Caused the banks to collapse. Banks would only reopen once they were financially stable.
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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.
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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.
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