Banking Timeline

1791-1999

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.
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1816 Second Bank of the US

Had the same responsibilities as first bank, but was plagued with poor management and outright fraud.
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Civil War

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.
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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
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1913 Federal Reserve Act

The Federal Reserve Act had intended to establish a form of economic stability through the beginning of the Central Bank.
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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.
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Glass-Steagall Act

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.
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1970's

New York was experiencing a severe cash shortage.
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1982

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.
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