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Period: to
The nation has no reliable medium of exchange.
Federalists and Antifederalists disagree about a banking system -
First Bank established
The United States get their first bank. -
Atleast 700 banks in the United States
As of the 1800s 700+ banks existed in the U.S. -
Alarms were placed in banks
In the late 1800's alarms were placed in banks. Giving the phrase trip wired. -
Period: to
Period of instablility follows expiration of First Bank's charter
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second bank of the united states reestablishes stability
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Period: to
President Jackson vetoes recharter of Second Bank in 1832, giving rise to Free Banking Era
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Period: to
Civil War makes clear the need for a better monetary and banking system
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Period: to
National Banking Acts of 1863 and 1864 establish national banking system and uniform national currency
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Period: to
People lost a lot of confidece in their bank
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First lock was installed in a bank
The first lock system was finally implemented in bank vaults -
Panic of 1907
leads to creation of the Federal Reserve system -
President Wilson signs the Federal Reserve Act.
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The Great Depression begins.
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Bank of America was formed
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14,000 Banks in the U.S. due to great depression
Before the Great Depression it was up to 25,000 banks in the U.S. -
President Roosevelt helps restore confidence in the nation's banks
By establishing the FDIC (Federal Deposit Insurance Corporation) -
Period: to
Period of government regulation and long-term stablility
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Period: to
New laws make clear the rights and responsiblilities of banks and consumers
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Period of deregulations
S7Ls face bankruptcies -
The banking system emerges stable and healthy
After two decades of mergers, the banking system emerges stable and healthy -
Period: to
The Federal Reserve Extends “Easy Credit”
Lowers the Federal Fund Rate from 6.5% to 1%[5] and Sets up Another Financial “Boom” -
New $20 bill
It featured background colors and imporoved security features on each bill -
Period: to
Worst Financial Crisis Since the Great Depression
The financial crisis impacted people around the world – millions lost their homes, jobs, and retirement funds. Many of the smaller banks were absorbed by others, which allowed the biggest banks to further consolidate wealth and eliminate competition. In 2008, J.P. Morgan Chase & Co. bought up both Washington Mutual (the biggest bank to “fail” in the history of the United States) and Bear Stearns (the fifth largest investment bank). -
JP Morgan Chase Reports Record Profits
The bank made a record profit of $17.4 Billion in 2010
