The history of banking

By Cate Goodman

1791

In 1791 George Washington signed the charter for the first bank of the United States
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1816

In 1816 James Monroe signed the charter for the second bank of the United States.
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1861-1865

Money was first printed on paper during the civil war

1863

The 1863 banking act was formed to help finance the civil war as well as create national banks and currency

1913

The 1913 Federal Reserve Act established the federal reserve as America's national banking system
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1933

The great depression of the 1930’s caused people to take all their money out of the banks which caused banks to fail and people did not take there money out to lose everything. Situation got so bad that FDR had to order a bank holiday to prevent more banks fromclosing and more people from losing money.
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1933

the Federal Deposit Insurance Corporation was established under the Glass-Steagall Banking Act. This ensures that if a bank closes you will still get your money back.
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1970's

In the 70s banking restrictions were relaxed.

1982

In 1982 S&L banks were allowed to make high-risk loans and investments this caused banks to fail and the government had to go into debt giving people there money back.
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1999

Under the 1999: Gramm-Leach-Bliley Act Banks were given more control over banking, insurance and securities
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