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Bank of the United States is established by suggestion of Alexander Hamilton; was the most powerful bank in the united States. It was created to help the economy recover after the Revolutionary War, however many people were not supporters of it because they thought that it was too controlling.

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Banks grow; about 100 in the US during this time. State banks were formed and they were controlled by the individual states. They would print their own money, which caused a variety of problems for the economy since there was no central control over these banks. Many banks failed and people lost trust in banks after they lost large sums of money.

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Congress attempts to revive banks by introducing the Second Bank of the United States. Many people, including President Andrew Jackson did not like it, despite its successes.

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President Andrew Jackson refuses to renew the charter for the Second US bank and took the money from it and deposited it to smaller state banks that were careless with the money; this eventually caused the economic slowdown known as the Panic of 1837.

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Panic of 1837, was an economic slowdown in result of the failure of President Andrew Jackson and the Second US Bank.

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Congress passed the National Banking Acts to create national banks that were set to high standards and government regulated to ensure trust and safety unlike previous banks.

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In 1900, Congress passed the Gold Standard Act that set the value of the dollar at a set amount of gold. Paper money could be directly traded in for gold. It also ensured that the government was not printing any more money than of the amount of gold/silver that they had (helped curb inflation).

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The Panic of 1907 was caused by the banks making too many bad loans and letting people have too much credit. This caused a bank run, where people panicked and demanded for their money to be released from the banks. Unfortunately, the banks did not have enough money to pay their investors back and many were forced to close. Many people lost their savings as well.

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Congress created a National Monetary Commission to avoid having the major "panics" happen again. The work of the Commission led to the creation of the Federal Reserve System.

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The Federal Reserve Act was passed in 1913 and served as the US's first centralized bank. 12 district banks were created in result; all banks in the districts are heavily monitored and regulated to ensure safety of the money.

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New president Franklin D. Roosevelt declared a bank holiday that closed all banks for a "reset" to allow only the safe banks to reopen after the market crash of 1929.