Banking Industry in the U.S.

by: kelsey perry

1791 Bank of the US

The employees, of the bank 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

1816 Second Bank of the US

Created in 1816, and chartered for 20 years. It went into operation in January 1817, and was headquartered in Philadelphia
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Banking during the 1930’s Great Depression

The great depression was a ruined economy, causing the banks to collapse. Franklin D. Roosevelt did declare a "Bank holiday" where the banks closed and could reopen if they had enough money.

Glass-Steagall Banking Act

This was also known as the "Banking Act" of 1933. This was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business. It was started as an emergency response to the failure of nearly 5,000 banks during the Great Depression
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1970’s Banking

The banks complained about losing customers, so the government gave them more freedom to give financial services.
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