1791 Bank of the US
In 1791 the first Bank of the US was built because of a debt the US had from the Revolutionary War.
1816 Second Bank of the US
Had the same responsibilities as first bank, but was plagued with poor management and outright fraud.
To pay for the war, the confederate government ordered a huge sum of money. At least seventy types of currency was made. It totaled more than 1.5 billion dollars. The government , banks and businesses ordered their own currencies, making things more confusing.
1863 National Banking Act
This act was made to: 1. create a national banking system, 2. Create one uniform national currency and 3. to help finance the Civil War
1913 Federal Reserve Act
The Federal Reserve Act had intended to establish a form of economic stability through the beginning of the Central Bank.
1930's Great Depression
In the United States, the Great Depression occurred soon after the stock market crashed in October 1929. Over the years consumer spending and investing dropped causing a decline in industrial output and a rise in employment.
This act banned commercial banks from participating in investment banking business. This was an emergency measure to reverse the failure of nearly 5,000 banks during the Great Depression.
New York was experiencing a severe cash shortage.
Gramm-Leach Bliley Act 1999
Removed barriers in the market among banking, security and insurance that restricted any institution from acting as a combination of an investment, or commercial bank and an insurance company.