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Bank Timeline Part 1
4 months ago
The Bank of the US was founded. The BUS collected fees and made payments for the federal government. It was ended because states believed it gave the federal government too much power.
The second BUS was chartered. The charter failed. It did not regulate or charter other banks. States printed their own currency.
The federal government began printing currency.
The National Banking Act is passed. This act allowed banks to have either a state or a federal charter.
The Federal Reserve Act was passed. This act created a central bank.
The Great Depression begins. The economy collapsed. Afterwards, only stable banks were allowed to reopen. The Glass-Steagall Act was passed. The FDIC was founded and commercial and investment banks were separated.
The Glass-Steagall Act is passed. This act separated commercial and investment banks to protect the economy.
In the 1970's, Congress relaxed banking restrictions.
Congress allowed S&L banks to make high risk loans and investments. This led banks to fail, the federal government had to reimburse investors, and the FDIC took over the S&L.
The Gramm-Leach Bliley Act was passed. The act gave banks more control over banking, insurance, and securities. It also reduced the restrictions placed by the Glass-Steagall Act.
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