Zach Tanner

The Bank of the US received a charter in 1791

This charter comes from congress which was signed by President Washington. This bank collected fees and made payments on behalf of the federal government, the bank went away because the states banks opposed it; thought it gave too much power to national government.

Second Bank of the US was chartered in 1816

Failed because it did not regulate state banks or charter any other bank.

Civil War

The federal government did not print paper currency until the Civil war.

1863 National Banking Act

Banks could have a state or federal charter.

1913 Federal Reserve Act

This created National banks for America.

1930 Great Depression caused banks to collapse

FDR declared a bank holiday where banks were closed, did this to so that he would be able to start making the banks better for all of the crashed. Only allowed to reopen if they proved they were financially stable.

Glass-Steagall Banking Act

Established the Federal Deposit Insurance Corporation, and ensured that if a bank goes under, that the people will still have their money.


Congress relaxes restrictions on banks.

1982 Congress allows S&L banks to make high risk loans and investments

investments went bad, banks failed, federal government had to give investors back their money, federal government debt 200 billion dollars, and the FDIC took over the S&L.

1999 Gramm-Leach-Bliley Act

This allows banks to have more control over banking, insurance and securities. The cons of this is that it may form a universal bank; may lead to more sharing of information.