Module 13 Lesson 2 Assignment
1791 Bank of the US
- Received a charter from congress
- Made payments and collected fees from the federal government
- Said that this bank gave the federal government too much power and closed
1816 second bank of the us
- Located in Philadelphia, Pennsylvania
- Did not charter other banks or regulate state banks
- States printed their own currency
- Federal currency was not printed until the civil war
civil war (printing currency)
- Known as greenbacks, each printed in green on the back
- Demand notes were first issued (1861-1862)
- United States notes were printed next and issued (1862-1865)
1862 national banking act
- Allowed banks to have state or federal charter
- Also known as dual banking
1930's great depression
- Stable banks were the only ones allowed to reopen
- Established the Federal Deposit Insurance Corporation (FDIC)
- Created the Glass-Steagall Banking Act
glass-steagall banking act
- Created during the Great Depression
- Commercial and investment banking became separated
1982
- High risk loans and investments were allowed to be made by S&L banks
- This resulted in failing banks, reimbursement to investors by the Federal government, and the S&L being taken over by the FDIC
1999 Gramm-Leach-Bliley act
- Banking, insurance, and securities now have more control held over them
- Allows commercial banks to act as investment banks