Module 13 Lesson 2 Assignment
By: Catherine Jackson
1791: Bank of the United States
The Bank of the US received a charter in 1791 from Congress which was signed by President Washington. This bank collected fees and made payments on behalf of the federal government. This bank went away because the states opposed it because they thought it gave too much power to the government.
Banking in 1982
In 1982, Congress allowed for S&L banks to make high risk loans and investments. In return, these investments went bad causing the banks to fail. This resulted in the Federal government to give all of the investors their money back which put them in debt of $200 billion. This then caused for the FDIC to take over the S&L.