Timeline of Banking Events
1791 Bank of the US
The Bank of the US received a charter in 1791, signed by George Washington. The Bank Collected fees and made payments on behalf of the American government. It eventually went away because state banks opposed it.
Second Bank of the US
The Second Bank of the US was chartered in 1816. The bank failed because it did not regulate state banks or charter any other bank.
National Banking Act
The 1863 National banking act stated that banks could have a state or federal charter, also known as duel banking.
Federal Reserve act
In 1913 the Federal reserve act was passed, which stated that there was to be a central bank of the US that controlled government banking.
The Market crash of 1929 caused millions of investors to go bankrupt. This caused many banks to go under due to extremely low money supply.
Glass-Steagall Banking Act
The Glass-Steagall Act is also often used to refer to the entire Banking Act of 1933. It created the Federal Deposit Insurance corporation, which ensured that if a bank goes under, you still have your money.
In the 1970's, congress relaxed restrictions on banks.
Congress allows savings and loans banks to make high risk loans and investments. These investments went bad and caused many banks to go under.
This 1999 act allowed banks to have more control over banking, insurance, and securities.