Lesson 2 Mastery Assignment

by Dominique Adams

1791 Bank of United States

The Bank of United States was the first bank established for the United States. It was first created on February 25th 1791 by the United States Congress. The bank's establishment was included in a 3 part expansion (of federal fiscal and monetary power (along with a federal mint and excise taxes) by Alexander Hamilton who at the time was the first Secretary of the Treasury.

1913 Federal Reserve Act

In 1913 The Federal Reserve Act was created on December 23rd 1913. The purpose to creating the act was to create and set up the Federal Reserve System which is the central banking system in the United States. The act was signed into law by then president Woodrow Wilson.