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KENNETH DOWNEY, JR
5 months ago
Mid-1700s No banking and no common currency. There was only gold and silver to pay for things
1791 It was before the civil war, first US banks. They collected the fees and there was different bank notes in different states. They kept small reserve
1792 National coining system. Minted silver and gold. The dollar became a thing.
1837 There was Poor Banks. There was stealing. Banks were not secure enough
1860 Banks weren't doing too good. It was still new
1870 Railroads are hitting it off well. Boosting the steel industry
1864 National banking act of 1864 Establishes the Office of the Comptroller of the Currency
1900 Checks become more common. Ownership of capital stock increases as common people become more affluent.
1913 This act passes in an attempt to bring stability to financial markets after the Panic of 1907 exposes weakness in an uncontrolled system. Allows state-member banks and national banks to borrow money from FRB when they are experiencing liquidity problems
1914 WWI is boosting the economy really well
Roaring 20s Lots of cars and appliances, Lots of people invest in the stock market. Citibank has 2,000 brokers selling things
1927 Establishes the Federal Reserve Act as a permanent central bank. Prohibited interstate banking.
1930s Great Depression Worldwide economic downturn, hits the US in 1929 and goes on for 10 years. Franklin D Roosevelt saved us all.
1932 Federal Home Loan Bank Act of 1932 Institutes the Federal Home Loan Bank Board, Federal Home Loan Banks
1932 The worst of the Depression
1933: All the banking acts Emergency Banking Act Banking Act of 1933
1937-1938 Franklin D Roosevelt tried to make the Depression better but failed to so. Another recession.
1940 Economy is at a upswing, Banks are a lot better and beliefs that the depression.
WWII War bonds for the bank makes the economy was doing a lot better. Twice as much better actually.
1945 Total bank assets are the doubled from $91,000,000,000 by the end 1945.
End of WWII Victory
1950s FDIC deposit coverage level increases $5,000 to $10,000. Korean War and Cold War happen at the same time.
1950 The Federal Deposit act of 1950
1960 Only 5 banks listed on any stock exchange he FDIC's insurance fund has a balance of more than $2,000,000,000
1966 The FDIC deposit insurance limit increases to $15,000 The US economy boosts because of the wars
1969 FDIC deposit increases from $15k to $20k
1970s Home Mortgage disclosure Act of 1975 Community Reinvestment act of 1977 International banking act of 1978
1980s Depository Institutions Deregulation and Monetary Control Act of 1980 Recession of 1982 Garn-St Germain Depository Institutions Act of 1982 International Lending Supervision Act Competitive Equality Banking Act of 1987 Financial Institutions Reform, Recovery, and Enforcement Act of 1989
1990s Federal Deposit Insurance Corporation Improvement Act RTC Completion Act of 1993 Riegle Community Development and Regulatory Improvement Act of 1994 Deposit Insurance Funds Act of 1996 Gramm-Leach-Bliley Act of 1999
2000s Updating and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 Sarbanes-Oxley Act of 2002 Fair and Accurate Credit Transactions Act of 2003
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