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1791 Bank of the US
It was the First Bank, and had to be chartered. Bank had to go away because the state thought the feeral government had too much power.
http://www.socialmediatoday.com/content/social-media-banking-industry-case-study
http://www.ushistory.org/tour/first-bank.htm -
1816 Second Bank of the US
It was also chartered because of the same reason but also wasnt regulating. Each bank printed their own currency, and the fed didn't start until the civil war.
https://chnm.gmu.edu/courses/omalley/389money/bankwar.html -
Civil War: printing currency
They had to introduce paper money to pay for the war. There was no gold or silver to be traded for paper money. They got into a large debt and didn't know how they would pay for it.
http://www.learnnc.org/lp/editions/nchist-civilwar/4622 -
1863 National Banking Act
It helped pay for the war. The federal took over the banks so there wouldn't have to be another source of banking needed. The banks could choose state or charter (dual banking).
http://thismatter.com/money/banking/history/free-banking-national-banking-system.htm -
1913 Federal Reserve Act
A national bank was formed to provide economic stability. It was signed by president Woodrow Wilson.
http://www.pertechindustries.com/the-basic-structure-of-the-federal-reserve-system/ -
1930’s Great Depression: regarding banking
It caused banks to fall drastically. The FDR called for a bank holiday which only allowed stable banks to reopen and others had to forcibly close.
http://www.americanyawp.com/text/23-the-great-depression/ -
Glass-Steagall Banking Act
They felt there was need to reform the banking system. It established the FDIC which secures your money if the bank falls.
http://www.federalreservehistory.org/Events/DetailView/25 -
1970’s: regarding banking
Inflation rose rapidly and interest rates raised because of it. Slowly after, the recession took place. Everything starts falling out of place in the economy and it only worsens.
https://15minutehistory.org/2014/01/15/episode-38-the-energy-crisis-of-the-1970s/ -
1982: regarding banking
They allow the use of high risk loans and investments; they want to gain more money from the people. Unfortuately, it made them fall worse. The banks failed, The had to give the investors thier money back and the Feds were in 200 Billion dollars of debt.
https://www.timetoast.com/timelines/changes-in-us-banking-industry -
1999 Gramm-Leach-Bliley Act
Gave more authority to banks for control, insurance, and security. Although it reduced the ability to more privacy.
http://www.zazzle.com/gramm_leach_bliley_act_poster-228011136224331256
