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Period: to
No Reliable Medium of Exchange
Dederalists and Anti federalists disagree about a banking system. -
Alexander Hamilton is appointed Secretary of the Treasury and he proposes a national bank
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First American Bank
First bank established in America. Named Bank of America. Est. in Philidelphia, Penn. -
First Bank loses its charter
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Period: to
Period of instability follows expiration of First Bank's charter
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Second Bank of the U.S. 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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Gold is Found in Calif.
Gold is discovered in Sacramento, California. This starts the Gold Rush and develops western America. -
Period: to
Civil War makes clear the need for a better moonetary and banking system
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National Banking Acts of 1863 and 1864
Gives federal government the power to:
charter banks
require banks to hold adequate gold and silver reserves to cover their bank notes
to issue a single national currency -
Period: to
National Banking Acts of 1863 and 1864 establish national banking system and uniform national currency
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Timelock on Vaults
Timelocks on vaults are made to secure them even more than before -
Earthquake and Firestorm in Calif.
In Sanfransisco, California an earthquake occurs followed by an intense firestorm. This sealed vaults and banks for days. The money was soon saved, as it had survived the events. -
Panic of 1907 leads to creation of the Federal Reserve Act
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Federal Reserve Founded
Federal Reserve is formed to guarantee people $100,00 even if a bank goes under. -
President Wilson signs the Federal Reserve Act
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The Great Depression Begins
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President Roosevelt helps restore confidence in the nation's banks by establishing the FDIC
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Banks will be heavily regulated through the 60's due to Great Depression
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Period: to
Period of government regulation and long-term stability
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Banks become eager for relief from federal regulation
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The savings and loan crisis
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Period: to
New laws make clear the rights and trsponsibilities of banks and consumers
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The Nixon Shock cancelled the direct convertibility of the U.S. dollar to gold by foreign nations
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Congress basses laws to deregulate several industries
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Period: to
Period of deregulation; S&Ls face bankruptcies
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The "Big Bang" served as a catalyst to reaffirm London's position as a global centre of world banking
Deregulation of London Financial markets -
Congress passes the FIRREA
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Congress repeals the 1933 Glass Steagall Act
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Period: to
After two decades of mergers, the banking system emerges stable and healthy
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Eurocheque System is Phased Out
Replaced with domestic checking systems -
Banks begin to give out more loans to potential home owners
Housing prices begin to rise -
Washington Mutual Collapses
Largest bank failure in history -
Collapse of Bear Stearns to JP Morgan Chase
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Collapse of Jehman Brothers
Leads to global banking crisis
