Timeline

changes in banking industry

1791: Bank of the US

Proposed by Alexander Hamilton. Established to serve as a repository for federal funds and as government's fiscal agent.

1816 Second Bank of the US

Located in Philadelphia, Pennsylvania. Federally authorized. Proposed by Alexander Hamilton.

Civil War (printing currency)

Greenbacks were paper currency. Issued by the US during the civil war. Two forms: Demand Notes and US Notes.

1863 National Banking Act

attempt to assert some degree of control over the banking system without the formation of another central bank. " three primary purposes: (1) create a system of national banks, (2) to create a uniform national currency, and (3) to create an active secondary market for Treasury securities to help finance the Civil War" (http://www.let.rug.nl/usa/essays/general/a-brief-history-of-central-banking/national-banking-acts-of-1863-and-1864.php)

1913 Federal Reserve Act

Act of congress. Created and established the federal reserve system, the central banking system, and granted it legal authority to issue federal reserve notes. Act signed into law by President Woodrow Wilson.

1930’s Great Depression (regarding banking)

Banks started failing at alarming rates.

Glass-Steagall Banking Act

"process to restore confidence in the banking system" (http://www.federalreservehistory.org/Events/DetailView/25)

1970’s (regarding banking)

government allowed more freedom to banks to offer more financial services.

1982 (regarding banking)

checking accounts offered at any bank. S and L had lower regulations. Federal government debt rose to 200 billion dollars.

1999 Gramm-Leach-Bliley Act

passed November 12, 1999. removed barriers in the market.