Time Line of the Bank
What the Bank of US went through
The Federal Bank allowed too risky loans and investments to take place. This caused the banks to fail, but they still had to give the people their money back. Because of this, the Federal Bank went into a $200 million debt. Then the FDIC took over this crisis, which was called the Saving And Loan Crisis.
1999 Gramm-Leach-Bliley Act
Gave the power to the Federal Bank to control other banks banking, insurance, and securities. The downside of that is there is not as much competition between banks, and since there could be a universal bank, information would have to be shared which lowers privacy of individuals.