Banking Industry in the U.S.

By SCrowns

  • First bank of the U.S.

    First bank of the U.S.
    Collected fees and made payments on behalf of the federal government

  • Second bank of the U.S.

    Second bank of the U.S.
    Failed because it didn't regulate state banks or charter any other banks

  • Civil War

    Civil War
    Federal government started to print paper currency

  • National Banking Act

    National Banking Act
    Banks are able to have a state or federal charter (duel banking)

  • Federal Reserve Act

    Federal Reserve Act
    National bank. Federal Reserve system: central banking system of the U.S.

  • Great Depression

    Great Depression
    FDR declared "bank holiday" where banks had to close and were only allowed to reopen if they proved they were finacially stable

  • Glass Steagall Act

    Glass Steagall Act
    Established the Federal Deposit Insurance Corporation and ensures that if a bank goes under, you still have your money

  • Banking in the 1970's

    Banking in the 1970's
    Congress relaxes restrictions on banks

  • Banking in 1982

    Banking in 1982
    Congress allows S&L banks to make high risks loans and investments. Investments went bad, banks failed, Federal governmetn had to give investors their money back, and the Federal government owed $200 billion

  • Gramm-Leach-Bliley Act

    Gramm-Leach-Bliley Act
    Allows banks to have more control over banking, insurance and securities. However, there were less competition, there might've been a formation of a universal bank and it might've led to more sharing of information (reduction of privacy)