Module 13 mastery assignment 2

Timeline

-1791: Bank of the U.S. Alexander Hamilton conceived the bank to handle the colossal war debt and to create a standard form of currency.


-1816: Second bank of the U.S. The war of 1812 had left a debt and Specie was jealously hoarded. For these reasons President Madison signed a bill authorizing the 2nd Bank in 1816 with a charter lasting 20 years.


-Civil war, Greenbacks were paper currency issued by the U.S. during the American Civil War. They were in two forms: Demand Notes, issued in 1861–1862, and U.S. Notes issued in 1862–1865.


-1863: National banking act, created the United States National Banking System. They encouraged development of a national currency


-1913: Federal reserve act, created to establish a form of economic stability through the introduction of the central bank.


-1930's: Great depression, the stock market crash of 1929 left people in a panic causing them to try and hold on to their money and to run to the banks and withdraw their deposits of cash which often lead to bank failure.


-1970's: Glass-Steagall banking act, limited securities, activities, and affiliations within commercial banks and securities firms.


-1982: Chile went into a deep economic and financial crisis.


-1999: Gram-Leach-Bliley act, It repealed part of the Glass-Steagal act, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one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 investment bank, a commercial bank, and an insurance company.