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First Bank of the United States
First proposed by Alexander Hamilton in 1790 the First Bank of the US was created to uphold the financial responsibilities of the government and the newly created nation. Ultimately the First Bank did fail due to the loss of its charter. -
Bank of the United States
Proposed by Alexander Hamilton in 1790 the Bank of the United States was the first attempt made at a central bank and was intended to handle the financial needs and requirements of the newly formed United States and more specifically its government. -
Second Bank of the US
After the First Bank failed the government no longer tried to create another one due to the immense public distrust in government and widespread belief that banking should be a state level issue. In 1816, the government felt that creation of a national bank was necessary due to severe inflation caused by military overspending during the War of 1812. -
Civil War(Printing Currency)
The Civil War created a currency shortage which meant the US needed a way to create and control money which brought about the first official paper currency in the US, these original bills consisted of 5s, 10s, and 20$ increments. These notes then changed in 1892 to include money that more closely resembles modern day tender. -
National Banking Act
Designed to create a national banking system in order to establish a national currency and float federal war loans. -
Federal Reserve Act
Created and established the Federal Reserve system as well as granted it legal authority over financial institutions as well as the ability to issue currency. -
The Great Depression (reguarding banking)
A severe worldwide depression which was onset by stock market crash as well as a series of bank runs, resulting in bank failure and the overall mistrust of banks among the general public. -
Glass-Steagall Banking Act
Limited the commercial bank securities and put limits on the relationships between securities firms and commercial banks. -
1970's Reguarding Banking
During the early 1970's the New York economy began to fail in that they began running out of enough cash to pay the bills, by 1975 the entire American economy had gone into a recession which left no borrowing money for the city and the outlook seemed grim, in order to avoid this the Municipal Assistance Corporation and Financial Control Board was created eventually getting New York back on its feet but not without major budget cuts. -
1982 Reguarding Banking
Deregulation of banks exploded and there was no longer a distinction between savings banks and commercial banks S&L banks were allowed to make risky investments and in the end it all resulted in bank failure and the government went $200 billion in debt to pay back investors. -
Gramm-Leach-Bliley Act
Stated that financial institutions offering services such as loans, insurance, and financial advice, have to provide full disclosure of their practices to customers and have to safeguard information.
