History of Banking
Module 13 Lesson 2
By: Colleen Keck
1791 Bank of the US
The Bank of the US received a charter in 1791 from Congress, and it was signed by President Washington. It was promoted by the Secretary of the Treasury Alexander Hamilton, who was a Federalist. This promoted a strong national govt. This bank collected fees and made payments on behalf of the federal government. Our country needed to pay off a lot of debt because of the American Revolution. The bank went away because state banks opposed it; they thought it gave too much power to national government.
Friday, Feb 25, 1791, 10:00 AM
Philadelphia, PA, United States
1816 Second Bank of the US
The Second Bank of the US was chartered in 1816. It failed because it didn't regulate state banks or charter any other bank. State banks were issuing their own currency, which caused issues. The Federal government didn’t print paper currency until the Civil War.
Friday, Dec 13, 1816, 09:00 PM
Philadelphia, PA, United States
1832 – Andrew Jackson Campaigns
http://www.thrivemovement.com/banking-history-timeline-follow-money
Sunday, Jan 8, 1832, 09:00 PM
D.C., DC, United States
1861- the American Civil War
Friday, Apr 12, 1861, 09:00 PM
South Carolina, United States
1861: Civil War Paper Money
Sunday, Sep 1, 1861, 09:00 PM
D.C., DC, United States
1863 National Banking Act
Banks could have a state or federal charter, which is called duel banking. It created the United States National Banking System.
Tuesday, Jan 13, 1863, 09:00 PM
D.C., DC, United States
1877: Bureau of Engraving and Printing
Saturday, Mar 3, 1877, 09:00 PM
D.C., DC, United States
1913 Federal Reserve Act
Tuesday, Dec 23, 1913, 09:00 PM
D.C., DC, United States
Black Thursday
"The most devastating stock market crash in history. Billions of dollars in value were consolidated into the private banker’s hands at the expense of everyone else."
http://www.thrivemovement.com/banking-history-timeline-follow-money
Thursday, Oct 24, 1929, 09:00 PM
D.C., DC, United States
1930s- The Great Depression
Monday, Jan 13, 1930, 09:00 PM
United States
1933-Glass-Steagall Banking Act
Friday, Jun 16, 1933, 09:00 PM
D.C., DC, United States
1970s Congress Relaxes Restrictions
Monday, Jan 5, 1970, 09:00 PM
D.C., DC, United States
1982-Congress allows S&L banks to make high risk loans and investments
Congress allows S&L banks to make high risk loans and investments, but the investments went bad and banks failed. The Federal government had to give investors their money back. The Federal government's debt was about $200 billion at the time. The FDIC then took over the S&L.
Monday, Jan 25, 1982, 09:00 PM
D.C., DC, United States
1999: Gramm-Leach-Bliley Act
This act allows banks to have more control over banking, insurance and securities. The cons of this is that there is less competition, and it may form a universal bank. This may lead to more sharing of information. There is then a reduction in privacy.