The banking industry timeline

shamaya blake

1791 bank of the US

The government created this in 1971 it was also the first bank of the US. they had a debt from the Revolutionary War. Each state also had their own currency.

1816 Second Bank of the US

the Second Bank was founded after the War of 1812. Founded in 1816, the building was finished in 1818. it was created for many of the same reasons as the First Bank of the United States.

civil war (printing currency)

To pay for the war, the Confederate government issued paper currencies totaling more than 1.5 billion dollars. As governments struggled to meet expenses by printing more paper money had accumulated far beyond the value of the goods available to be bought.

1863 National Banking Act

Passed by congress during the civil war which created a system of nationally chartered banks. The act also required taxation of state currencies. this created a national currency and state banks continued to expand.

1930 Great depression

as the longest-lasting economic downturn in the history of the Western industrialized world. In the United States the Great Depression began after the stock market crash in 1929, which wiped out millions of investors.
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Glass- steagall Banking Act 1970

Prohibited commercial banks from participating in the investment banking business. was passed as an emergency measure to counter the failure of almost 5,000 banks during the Great Depression. The Glass-Steagall Act also created the Federal Deposit Insurance Corporation,
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1970 ( regarding Act)

requires financial institution in the US to assist U.S.government agencies to detect and prevent money laundering.
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1999 Gramm-leach Billey act

The main function of the Act was to repeal the Glass-Steagall Act that said banks and other financial institutions were not allowed to offer financial services. This act attempted to update and modernize the financial industry.



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