Banking Timeline

1791

Bank of the US formed. Failed because state banks thought it gave too much power to federal government.

1816

Second Bank of US failed because it didn't regulate State Banks or charter any other banks.

1861-65

The Federal Government didn't print paper currency until the Civil War

1863

The National Banking Act allowed Banks to have a state or federal Charter.

1913

The Federal Reserve Act established our National Bank.

1930's Great Depression

The Great Depression caused banks to collapse. FDR declared national bank "holiday" where all banks closed and couldn't reopen until they proved they were financially stable enough.

Glass-Steagall Banking Act

Established the Federal Deposit Insurance Corporation (FDIC). Ensures your money in case a bank goes under.

1970's

Congress relaxes restrictions on Banks.

1982

Savings and Loans banks were allowed to make high risk investments and loans. Investments went bad and the banks went under. The Federal Government had to pay back investors and went $200 billion in debt. The FDIC took over the S&L

1999 Gramm-Leach-Bliley Act

Allows banks to have more control over banking, insurance, and securities.