Where We Are Now: Banking
Module 13 Lesson 2 Mastery Assignment
1791: Bank of the US
The First Bank of the United States was needed because the government had a debt from the Revolutionary War, and each state had a different form of currency. It was built while Philadelphia was still the nation's capital. Alexander Hamilton conceived of the bank to handle the colossal war debt — and to create a standard form of currency. Up to the time of the bank's charter, coins and bills issued by state banks served as the currency of the young country. The First Bank's charter was drafted in 1791 by the Congress and signed by George Washington. In 1811, Congress voted to abandon the bank and its charter.
1816: Second Bank of the US
Civil War (printing currency)
1863 National Banking Act
1913 Federal Reserve Act
1930’s Great Depression (regarding banking)
1863 National Banking Act
1913 Federal Reserve Act
1930's Great Depression
Glass-Steagall Banking Act
1970’s (regarding banking)
1982 (regarding banking)
1982: Congress allows S&L banks to make high risk loans and investments
Investments went bad
Banks failed
Federal government had to give investors their money back
Federal government debt: $200 billion
The FDIC took over the S&L