M13 L2 Timeline

Jessica Delgado

Timeline 1791-1999 Banking

1791 Bank of the US

The first Bank of the United States in 1791, in Pennsylvania, was brought up by Hamilton and signed off by Washington. This bank was made after the war in order to pay off debts. They received fees for the federal government. It was later shut down in 1811 because of the opposition of the power given to the national government.
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1816 Second Bank of the United states

Madison's War left another major debt onto the US, leading to the second bank. Inflation soon grew in the United States where Jackson opposed the bank. It started issuing its own money as well as loaning where later Jackson made the federal stop issuing the bank money, making them go bankrupt and close in 1836.
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Civil War (printing currency)

The Civil War made for currency to be printed, called greenbacks. The printing of too much money would cause for an inflation. Demand notes and United States notes where made from 1861 to 1865.
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1863 National Banking Act

Banks where now allowed to have a charter from the state or federal, duel banking. It was stopped in 1913 for the Federal Reserve Act.
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1913 Federal Reserve Act

The Federal Reserve, which was controlled by 7 Board of Governors, was created in 1913, and their purpose is to let banks borrow money if it fails. The bank can buy a stock from the Fed to get dividends. This led into an economic stability.

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1930's Great Depression

The Great depression led to a Bank Holiday started by Franklin D. Roosevelt, which prohibited banks from opening unless they were stable. The Bank Holiday started in 1933 lasting four days, with the Emergency Banking Act. It was a success to help the economy.
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Glass-Steagall Banking Act

1933-1999

The Glass-Steagall Banking Act ensured the protection of your money if the bank collapses. Commercial banks were not allowed to investment businesses.

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The 1970's

A great inflation period started during the early 1970s, causing congress to put a hold on bank restrictions. Cities like New York were unable to pay for their taxes.
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1982

Congress allowed for Saving and Loan banks to make large loans and investments that held a risk. Banks started to fail because the federal government did not have the money to pay them back, causing them to be in debt for $200 billion. The crisis started to get resolved by FDIC in the 90s. 1995
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The 1999 Gramm-Leach-Bliley Act

1999-2001

This Act made for banks to enclose their information regarding banking, insurance and securities. Privacy issues arose from this making data safeguarded. Competition of banks was lowered

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