Module 13,2 Mastery Assignment
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.
Second Bank of the United States
The Second Bank of the United States was chartered for many of the same reasons as its predecessor, the First Bank of the United States. The War of 1812 had left a formidable debt.
Civil War Currency
To pay for the war, the Confederate government issued a vast array of paper currencies. None of this paper money could be redeemed, or traded for, gold or silver — as was common in the early nineteenth century. The Confederate government had no gold or silver to make coins. Instead, Confederate paper money was like a loan
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.
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 in the U.S through the introduction of the Central Bank, which would be in charge of monetary policy.
1930’s Great Depression
The stock market crash on October 29, 1929 set in motion a series of events that led to the Great Depression. American economy and global economy had been in turmoil six months prior to Black Tuesday, and a variety of factors before and after that fateful date in October caused and exacerbated the Great Depression. During the Depression many people lost their jobs.
The Glass–Steagall Act
The Glass–Steagall Act describes four provisions of the U.S. Banking Act of 1933 that limited securities, activities, and affiliations within commercial banks and securities firms.
1970's
In the 1970's, the Glass-Steagall Act grew controversial when the banks complained that they would lose customers to other companies unless they provided more services. The government then allowed more freedoms to banks to offer more financial services.
1982
The Crisis of 1982 was a major economic crisis in Chile. This was during the Chilean military dictatorship following years of radical neoliberal reforms.
1999 Gramm-Leach-Bliley Act.
Also known as the Financial Services Modernization Act of 1999. It repealed part of the Glass-Steagall Act of 1933, 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.