29
/
en
AIzaSyAYiBZKx7MnpbEhh9jyipgxe19OcubqV5w
April 1, 2024
Create
Public Timelines
Library
FAQ
For education
Cabinet
For educational institutions
For teachers
For students/pupils
Download
Export
Duplicate
Embed
Edit
294 views
0
0
Module 13 lesson 2
Created by
Serenna
⟶ Updated 1 Dec 2017 ⟶
List of edits
Comments
Events
1791 Bank of the US -signed by President Washington -This bank collected fees and made payments on behalf of the federal government. -Bank went away because state banks opposed it; thought it gave too much power to national government
1816 Second Bank of the US -Second Bank of the US was chartered in 1816. -Failed because it didn’t regulate state banks or charter any other bank -State banks were issuing their own currency -Federal government didn’t print paper currency until the Civil War
1863 National Banking Act -Banks could have a state or federal charter (duel banking)
1913 Federal Reserve Act
1930’s Great Depression (regarding banking) Great Depression caused banks to collapse FDR declared a “bank holiday” where banks closed Only allowed to reopen if they proved they were financially stable
Glass-Steagall Banking Act 1933 Established the Federal Deposit Insurance Corporation Ensures that if a bank goes under, you still have your money
1970's Congress relaxes restrictions on banks
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
1999 Gramm-Leach-Bliley Act Allows banks to have more control over banking, insurance and securities Cons: less competition, may form a universal bank; may lead to more sharing of information (reduction of privacy)