The First Bank of the US received its charter in 1791 from Congress that was signed by President Washington.
This bank collected fees and made payments for the Federal government but eventually failed because the state banks were against all the power the bank had.
The Federal government tried again to have a National Bank but failed. This bank lasted for 20 years until the charter ran out in 1836.The bank didn't regulate state banks or charter any new banks.
During the Civil War, the Federal Government began to print paper currency.
The National Banking Act allowed for deal banking, meaning banks could have a state or federal charter.
The Federal Reserve Act created the National Bank, set up the FED, and began the printing of money.
The Great Depression caused the banks to collapse and forced Roosevelt to declare a "Bank Holiday." The banks could only reopen if they could prove they were financially stable.
The Glass- Steagall Banking Act created the Federal deposit insurance corporation, FDIC. This meant that if a bank fails, you won't lose your money.
Congress began to be less strict on the banks.
In 1982, Congress allowed for banks to make high risk loans and investments leading to the fail of the banks. This put the government into $200 billion debt since they had to pay the investors back. This event led to the FDIC taking over the banks.
The Gramm-Leach-Bliley Act gave the banks more control over banking, insurance, and securities. However, the bad side to this act was that it created less competition and the reduction of privacy.