All the way to the bank

A timeline of the change in banking by Conor Murdock

1791 Bank of the US

This was the first national financial institution. It was envisioned by Hamilton and then abandoned by congress in 1811.

1816 Second Bank of the US

This was a second attempt at a national bank. This however failed as it was filled scandal and shady dealings.

Civil War

During this time, currency split into two groups. These groups were confederate paper, and green backs, a less evolved version of the bill we use today.

1863 National Banking Act

This is a act that encouraged a national currency based on bank holdings.

1913 Federal Reserve Act

This is the act that establish the Federal Reserve. The Federal Reserve began there first year in 1914.

1930’s Great Depression

This was a time of economic strife in America. This was due to a stock market crash, that impoverished the nation as a whole due to the wealth wrapped up in investments.

Glass-Steagall Banking Act

This was a act passed in order to stimulate the economy. This act took the US dollar off of the gold standard.

1970’s

This was a time of financial crisis. Loans needed to be payed but there was no money with which to pay them. Many major cities face economic issues resulting in a poor economy.

1982

This was a time of economic crisis. Much like the recessions of 2008 banks had to be bailed out because of this economic crisis.

The 1999 Gramm-Leach-Bliley Act

This was an act created in order to protect consumers and members of the general public. It gave more privacy and power to the people in regards to banking and their information.