M13 L2 Timeline
Timeline 1791-1999 Banking
1791 Bank of the US
1816 Second Bank of the United states
Civil War (printing currency)
1863 National Banking Act
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.
1930's Great Depression
Glass-Steagall Banking Act
The Glass-Steagall Banking Act ensured the protection of your money if the bank collapses. Commercial banks were not allowed to investment businesses.
The 1999 Gramm-Leach-Bliley Act
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